Articles

RexCorp. Executive Joins Glen Isle Partnership
Newsday
October 16, 2007

The partnership developing a billion-dollar, mixed-use project on Glen Cove's waterfront has just become a threesome.

Scott Rechler, chief executive of Uniondale-based RexCorp Realty, said yesterday he intends to team with Donald Monti and Michael Posillico's Glen Isle Partners Llc, the entity behind a controversial proposal to bring 16-story buildings to a once-contaminated stretch of waterfront on Glen Cove Creek

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Cleanup project gets mixed reviews
Newsday
August 28, 2007

New York state's brownfield program was intended to spur redevelopment of contaminated properties, offering tax credits to developers and grants to help municipalities plan the renaissance of blighted areas. But four years after it was signed into law, some say the program has not resulted in the expected gains for Long Island-new jobs, revitalized downtowns and increased economic development. Witnesses who testified at a joint legislative hearing yesterday in Cold Spring Harbor gave the program mixed reviews, saying it was rife with red tape and slow to disburse funds. Only a handful of the region's estimated 6,800 brownfield sites are enrolled in the program. "The brownfield cleanup program needs to be expanded and retooled", Sarah Lansdale, executive director of Sustainable Long Island, a nonprofit group that supports economic development that protects the environment, told Sen. Carl Marcellino(R-Syosset) and Assemb. Robert Sweeney(D-Lindenhurst), who, respectively, chair the Senate and the Assembly environmental committees. Some who spoke said tax credits should be linked to the cost and scale of environmental cleanup. Others argued that that would take away developers' incentives to get involved. Earlier this year, Gov. Eliot Spitzer tried to limit developer tax credits, which his office has characterized as overgenerous. Spitzer's bill, which did not pass either house, proposed reimbursing developers for 100 percent of the cleanup, but placing caps on tax credits for development costs, depending on the extent of the cleanup. "Our goal is to clean up these brownfield sites", state environmental commissioner Alexander "Pete" Grannis said yesterday in support of Spitzer's proposed changes. Michael Posillico, a principal of Posillico Group, a Farmingdale-based environmental remediation company, said the current tax credits are necessary because developers take on a greater risk with brownfield projects. "While there may have been isolated windfalls and profits from a few isolated projects... most have helped communities", said Posillico, whose firm has worked on revitalization of the Glen Cove waterfront. "The program is working". Reproduced with permission of the copyright owner. Further reproduction or distribution is prohibited without permission.

 
Businesses Merge Under One Name
Queens Tribune
May 18, 2007

The next time you get to circumvent a traffic nightmare on the Long Island Expressway by jumping into the HOV lane, you can thank Posillico Ð the family-owned and operated construction business that operates all over the boroughs and Long Island.

It was Posillico who parachuted in to save the day when the original contractors signed on to expand the LIE ditched the job midway through and finished it in July of 2005 and it's the company that has left footprints throughout various parts of Queens. Posillico, which prior to this month consisted of seven separate companies, is now one entity under that namesake.

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It's LI's Posillico to the rescue, once again.
Long Island Press, Business News
April 27, 2007

For the second time in two years, the locals have come to the rescue when out-of-towners couldn't cut it.

The Farmingdale-based Posillico construction group has taken over the construction of the Wantagh Parkway Bridge leading to the Jones Beach Theater from a Boston-based a construction firm.

In 2005, the same company, Modern Continental, couldn't complete a stretch of the Long Island Expressway's HOV lane, and the Posillico group stepped in to get that job done.

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Articles Contact

Frank Posillico

P: 631-390-5733
F: 631-249-8124
1610 New Highway
Farmingdale, NY 11735
fposillico@posillicogroup.com

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