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1. Economy hammers LI building The drop in (Credit: Newsday / J. Conrad Williams Jr.)

1. Economy hammers LI building
The drop in new-home construction reached deeply and widely into communities across Long Island, shrinking the building industry and damaging many other parts of the economy, according to the newest U.S. Census Bureau data. The impact is far-reaching. Towns and villages lost revenue from building fees as well as from taxes. Developers and subcontractors faced layoffs or closing. Businesses ranging from furniture-makers and landscapers to stores and restaurants suffered. Although building slowed dramtically, it didn't stop. LI Builders Institute preisdent Ira Tane stands in the yard of a project in Melville. (Dec. 15, 2010)

Bling to bankruptcy -- 2010's top 10 LI business stories

From the bling of Fortunoff jewelry to desperate economic times, Long Island passed 2010 as a study in contrasts. The grief of 2009 -- job loss, unemployment, foreclosure and was offset by some remarkable news -- a record price for commercial real estate, a reprieve for a doomed GM dealership and of course the news that a smaller Fortunoff's store will bring back the shopping magnet to the Island.

10. A small, but sparkling, reincarnation During its
(Credit: Handout)

10. A small, but sparkling, reincarnation
During its decades as a go-to spot for Long Island shoppers, Fortunoff was known for its jewelry. One of its final campaigns was with supermodel Petra Nemcova. But doors closed in 2009. In December, the jewelry department was reopened online for the holiday season, and there are plans for a brick-and-mortar store in 2011. (Undated)

An economic cornerstone crumbles OSI Pharmaceuticals of Melville
(Credit: Charles Eckert)

An economic cornerstone crumbles
OSI Pharmaceuticals of Melville morphed into Astrellas this year after the Tokyo drug maker announced it was buying the company in May. OSI had been planning to move to Westchester County from Long Island to the chagrin of many in the business community who had hoped the company's operation on the Island would attract other such businesses. Astrellas will keep about 90 of its 240 employees at the Broadhollow Bioscience Park at Farmingdale State University. The other positions are being eliminated. The Melville building will be closed in June. (2009)

7. Long job lines Job fairs across metropolitan
(Credit: AP)

7. Long job lines
Job fairs across metropolitan area were well attended, but the rate of unemployed on Long Island stayed stubbornly high. By November it hit 7.2 percent up from midsummer numbers of around 6.9 percent but down from January when it was 7.9 percent. Nationally, the rate was 9.8 as the year came to a close. (2009)

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Signs of a buyers' market Signs like these
(Credit: Getty Images)

Signs of a buyers' market
Signs like these have been everywhere on Long Island indicating the state of the struggling real estate market. The volume of homes for sale on Long Island stayed high throughout the year, and despite a slowdown in November, foreclosures increased. Overall, prices took a beating. By November, the Nassau median price was $399,500; Suffolk, $320,000, both down from a year earlier. (2008)

5. The end of a 71-year run The
(Credit: Handout)

5. The end of a 71-year run
The end of 2010 marks the end of a Hicksville fixture, Goldman Bros. The store that has sold athletic gear, shoes and uniforms to generations of athletes was crippled by the recession and will close its location and Internet site. "We have the expenses of a big store but we don't have the buying power and attraction power of a big store," said Win Goldman, 54, who with his wife, Liz, is the third generation to run the business. (1950s)

4. Guilty plea in $200M scam For more
(Credit: James Carbone)

4. Guilty plea in $200M scam
For more than 3,000 victims of Nicholas Cosmo's $200-million investment scam, Oct. 29, 2010, was a milestone. Cosmo, 39, of Lake Grove, pleaded guilty to wire and mail fraud in a Ponzi scheme he ran through his Hauppauge businesses Agape World and Agape Merchant Advance. Known as the middle-class Madoff, for convicted swindler Bernard Madoff whose scheme netted billions, Cosmo faces 40 years in prison when he is sentenced Feb. 18. Madoff, 71, is serving 150 years. (Oct. 7, 2009)

3. Good news for doomed dealers Karp Auto
(Credit: Danielle Finkelstein)

3. Good news for doomed dealers
Karp Auto in Rockville Centre seemed headed for oblivion in 2010 when GM ordered 1,100 dealerships to close their doors by Oct. 31, including at least five on the Island. David Karp, whose family has owned the dealership for generations, fought back and GM relented in June. Karp is the No. 8 Buick dealer in the country, David Karp said, and it made sense to keep it open. At least one other Long Island dealership got the same reprieve. (June 8, 2010)

2. Record buster price on LI The $62.6-million
(Credit: Newsday File Photo)

2. Record buster price on LI
The $62.6-million sale of the former Saks Fifth Avenue store in Garden City set a Long Island record for price - $498.63 per square foot - in mixed-use space, commercial brokers said. Westchester developer Alfred Weissman, who bought the space in 2006, sold it in October to the Massachusetts real estate trust, International Real Estate Corp. (2006)

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1. Economy hammers LI building The drop in
(Credit: Newsday / J. Conrad Williams Jr.)

1. Economy hammers LI building
The drop in new-home construction reached deeply and widely into communities across Long Island, shrinking the building industry and damaging many other parts of the economy, according to the newest U.S. Census Bureau data. The impact is far-reaching. Towns and villages lost revenue from building fees as well as from taxes. Developers and subcontractors faced layoffs or closing. Businesses ranging from furniture-makers and landscapers to stores and restaurants suffered. Although building slowed dramtically, it didn't stop. LI Builders Institute preisdent Ira Tane stands in the yard of a project in Melville. (Dec. 15, 2010)

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