Articles by Long Island Business News

Long Island Business News is Long Island’s only publication devoted to local commerce and has been the premier source of news and data on business, economic trends and the region’s robust entrepreneurial sector for more than 50 years. As the area’s No. 1 source for news on Long Island’s 120,000-plus businesses, we pay special attention to the region’s leading sectors: education, health care, high-tech, financial and professional services, and commercial real estate and development. In addition to our 52 weekly editions, we publish a full line of annual publications, including the Book of Lists, the Tech Island Directory, Doing Business on Long Island and the nonprofit community’s Annual Philanthropy Day Directory.

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Long Island Business News

Islip IDA approves tax breaks for Pace Cove project

by Long Island Business News 05.16.2012

The Islip Industrial Development Agency has approved a measure that could provide economic benefits to  a $21.3 million mixed-use project in downtown Bay Shore, according to a statement. The measure, announced by Islip Town Supervisor Tom Croci on Wed…

NY proposes $199K salary cap for state contractors

by Long Island Business News 05.16.2012

The Cuomo administration has proposed regulations to limit spending by state contractors, including a $199,000 executive salary cap that can only be exceeded using money not from the state. The proposals by 13 agencies cover contractors — many provid…

Simon seeks tax breaks for Walt Whitman mall addition

by Long Island Business News 05.16.2012

Indianapolis-based retail real estate giant Simon Property Group is asking for tax breaks to build its planned 72,000-square-foot expansion at the Shops at Walt Whitman in Huntington Station. The Suffolk Industrial Development Agency is scheduled to vo…

Shareholders sue JPMorgan over $2B trading loss

by Long Island Business News 05.16.2012

Shareholders of JPMorgan Chase & Co. have filed two lawsuits against the nation’s biggest bank, accusing it and its leaders of taking excessive risk and causing a monumental $2 billion trading loss. The company disclosed the loss last week, s…

Suffolk OTB files Chapter 9 bankruptcy protection

by Long Island Business News 05.16.2012

Suffolk Regional Off-Track Betting Corp. filed a petition Friday seeking to enter Chapter 9 bankruptcy protection. This is the second time Suffolk OTB filed such a petition. U.S. Bankruptcy Court Chief Judge Carla Craig dismissed the OTB’s original M…

NY Insulation pleads guilty to wage fraud on LI

by Long Island Business News 05.16.2012

A Queens-based insulation company pleaded guilty on Tuesday to failing to pay six employees more than $30,000 they were owed. Under the terms of the plea deal, Maspeth-based New York Insulation will pay restitution of $33,408 in back wages to its emplo…

Ones to watch in hospitality

by Long Island Business News 05.16.2012

Toni Contino General Manager/Owner, Mitch and Toni’s American Bistro Contino brought more than a decade of sales and managerial experience to the Albertson restaurant, which she launched last year with chef/owner Mitchell SuDock. Contino began workin…

LI corporate event venues get creative

by Long Island Business News 05.16.2012

The time is right now to be a corporate event planner. The business retreat, sales convention and fund-raising dinner-dance survived the recession just fine, and with finances slowly improving, companies are planning more – and more elaborate – shi…

Skechers to pay $45M false shoe ad settlement

by Long Island Business News 05.16.2012

The government wants you to know that simply sporting a pair of Skechers‘ fitness shoes is not going to get you Kim Kardashian‘s curves or Brooke Burke‘s toned tush. Skechers USA Inc. will pay $40 million to settle charges by the Fede…

Lawrence synagogue backs Morrell Caterers

by Long Island Business News 05.16.2012

In the wake of Woodbury Jewish Center filing a petition to evict Morrell Caterers, the kosher caterer has received a public endorsement from one of its other two landlords. Temple Israel of Lawrence has come out on the side of Morrell Caterers despite …

John Deere dealership buys Hicksville building

by Long Island Business News 05.16.2012

Freeport-based Chief Equipment, a John Deere dealership, will relocate to Hicksville, after paying about $2.25 million for an 11,000-square-foot building at 400 Old Country Road. Chief, a family-owned and operated equipment sales and rental business fo…

Long Island tech companies earnings, sales rise

by Long Island Business News 05.16.2012

A wide range of Long Island tech-related companies reported quarterly results Wednesday, typically showing improvements from a year ago in both earnings and sales. MRI maker Fonar saw earnings rise on a double-digit increase in revenue, while Air Indus…

NY cops: Pizzeria owner sold pills with pepperoni

by Long Island Business News 05.16.2012

The owner of a Long Island restaurant has been arrested on charges he sold prescription pills along with pepperoni pizzas. Francesco Miceli of Miceli Brothers Pizzeria faces arraignment Wednesday on charges he sold oxycodone hydrochloride pills to und…

US housing starts rose to 717,000 in April

by Long Island Business News 05.16.2012

U.S. builders started work on more homes and apartments last month and requested more permits to build single-family homes. The increases suggest the battered housing market is healing. The Commerce Department said Wednesday that builders broke ground …

Facebook boosts size of IPO by 25 percent

by Long Island Business News 05.16.2012

Facebook insiders will be unloading more of their shares in the initial public offering, the company said Wednesday, as they take advantage of investor demand. Facebook said in a regulatory filing that about 421 million shares will be sold, up from 337…

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