Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RIVERHEAD, NY-Three years after beating out two competing development teams to develop a high-tech industrial park here, Rechler Equity Partners said Tuesday it would not extend its contract to acquire 300 acres at the Enterprise Park at Calverton. In a release, the Melville, NY-based owner-developer, a Long Island mainstay for the past half century, cites a sluggish economy and a town board that the company sees as unwilling to adapt to the changing economic landscape.   “The town board had an opportunity to ensure the future of a more vibrant Riverhead,” managing partner Gregg Rechler says in the release. “Unfortunately, their inability to understand the economic fundamentals of a successful project forced us to withdraw our offer on this property before the Friday deadline.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.