Inside Long Island Business

Get the latest news and trends on Long Island companies and the people behind them.

SoulCycle to open in Water Mill

SoulCycle, the indoor-cycling workout chain, is adding a Water Mill location to accommodate its growing fan base.

The company will open the new 74-bike studio on July 19. The Water Mill location will be SoulCycle's third location out East and the fourth Long Island studio. The company has been rapidly expanding and added a Roslyn Heights location earlier this year. SoulCycle also has plans...

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Suffolk IDA boosts Manetta's pay to $155,000

Anthony Manetta is executive director of the Suffolk

(Credit: Handout)

The Suffolk County Industrial Development Agency gave its executive director, Anthony Manetta, a $20,500 raise Thursday, bringing his salary to $155,000 per year.

Manetta said he didn’t ask for the wage increase but welcomed it, saying he had earned more at two consulting businesses, one of which he started. The IDA offers tax incentives and other aid to companies and not-for-profit groups...

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Report: $15.6B in private equity invested in NYS in 2012

Private equity activity was sparse on Long Island in 2012, according to the Private Equity Growth Capital Council (PEGCC) a Washington D.C.-based lobbying and research firm focused on the industry.

PEGCC released a report Thursday that said New York State attracted $15.6 billion in private equity investments for 96 companies in 2012. Of that figure, 15 companies were from the Long Island area,...

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Sbarro plans 35 franchise locations in India

The exterior of a Sbarro restaurant in Manhattan.

(Credit: Charles Eckert)

Sbarro is expanding an Indian franchise partnership with plans to open dozens of new eateries in the country’s southern region, the company said Thursday.

The Melville-based chain of Italian eateries named White Planet Restaurants -- headed by Sriram Rajagopal and Gopal Rajagopalan -- as Sbarro’s South Indian master franchisee. Under the agreement, White Planet Restaurants will open 35 new...

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NBTY Amityville plant hiring topped 200

The board of directors of Empire State Development

(Credit: Handout)

NBTY Inc. has exceeded hiring goals at its new nutritional bar factory in Amityville, development officials said Thursday.

The vitamin maker opened the 60,000-square-foot plant last year, its second such facility on Long Island.

The $32-million project involved renovations to a warehouse and $18.6 million in equipment.

The board of directors of Empire State Development Corp. Thursday...

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Can companies boost revenues by paying higher wages?

Martin Cantor, who conducted a survey of service

(Credit: Handout)

One way to increase company revenues may be to pay employees higher wages, a survey of small service-sector businesses on Long Island suggests.

Results from the survey -- commissioned by Freeport-based Advantage Payroll Services and issued to 854 small service-sector businesses on Advantage’s client list in April -- reveal a strong correlation between better wages and better revenues.

Payroll...

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Broadridge Financial acquires Boston company

Richard Daly, chief executive of Broadridge Financial Solutions

(Credit: Bloomberg News, 2009)

Broadridge Financial Solutions Inc., which provides investor communications and securities processing, said Wednesday it has acquired Bonaire Software Solutions, a Boston company that develops revenue and expense management software for financial firms.

Terms of the deal, including the purchase price, were not disclosed. The acquisition is expected to close in July.

Broadridge, which...

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Poll: Any money for summer vacation?

Whether you'll travel or plan to stay home

(Credit: Johnny Milano)

The summer vacation season gets into full swing with the upcoming July 4 weekend. While Long Island's slow, bumpy recovery from the recession continues, some residents are feeling more upbeat about their financial situations than they did last year at this time.

How about you? Will you be able to take a vacation, or a staycation?  Are you planning to spend more on travel and leisure activities...

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State leaders agree on legislation to create farm cideries

The Farm Cidery bill would aid New York

(Credit: Angela Gaul)

The New York State Senate, Assembly and Gov. Andrew M. Cuomo have agreed on two bills that would aid the state's budding hard cider producers, the three parties said Thursday.

The two bills, which are expected to pass and become law before the end of the legislative session Friday, would help establish farm cideries and also streamline the brand labeling process for alcoholic beverages.

The...

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Former debt agency exec pleads guilty to bribery

A Long Island man accused of sending illicit cash to bankers in cigar boxes pleaded guilty to conspiracy to commit bank bribery in U.S. District Court in Connecticut.

 

Patrick Pinto, 44, of Bohemia was arrested last December for his involvement in bribing bank executives and defrauding investors through debt collection firm Oxford Collection Agency. Pinto filed his guilty plea...

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