Inside Long Island Business

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

Cedar Realty acquires Philadelphia shopping center

A Google street view image of the Quartermaster

(Credit: Google)

Cedar Realty Trust Inc., a Port Washington-based real estate investment trust, has acquired a shopping center in south Philadelphia — adding to its presence in the city of brotherly love.

The shopping center-focused REIT acquired Quartermaster Plaza for $92.3 million, including the assumption of $53.4 million of debt. The 10-year old,  456,000-square-foot shopping center is anchored...

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NY metro area construction contracts up 53% in February

McGraw Hill Construction, an industry information service, reported

(Credit: Newsday / Jeffrey Basinger)

The value of contracts for future construction in the New York metropolitan area soared last month compared with a year ago, another sign of the improving economy.

McGraw Hill Construction, an industry information service, reported on Tuesday that $2.5 billion worth of contracts for future building were awarded in February for the 31-county region that includes Long Island. That's a 53 percent...

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Aid for companies interested in exporting is the topic of an April 1 workshop at Hofstra

Susan Axelrod, founder of Love & Quiches Gourmet

(Credit: Steve Pfost)

How businesses can finance their sales to customers in foreign countries is the topic of an April 1 seminar at Hofstra University.

Susan Axelrod, founder of Love & Quiches Gourmet in Freeport, is expected to discuss her 40-year-old company’s success with exporting. She will be joined by financial experts from the banking industry and the U.S. Commerce Department.

The event will be...

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LI business events, March 24 to 29

The weather may call for a nor'easter on

(Credit: Getty Images / Andrew Burton)

MONDAY, MARCH 24, 2014

SPEED NETWORKING|Wading River

Opportunity to help a charity, networking, dinner, 6 to 9 p.m., Desmond's Restaurant, East Wind, 5720 Rte. 25A, $25, infinitebusiness connections.com, 516-509-5014.

TUESDAY, MARCH 25, 2014

CHAMBER MEETING|Brightwaters

The Chamber of Commerce of Greater Bay Shore hosts a meeting, all are welcome, 7 p.m., Bay Shore-Brightwaters...

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Cuomo urges wage compliance

Gov. Andrew M. Cuomo.

(Credit: AP )

Gov. Andrew M. Cuomo on Friday warned employers to comply with the new minimum wage or face “fines, charges and civil or even criminal punishment.”

The state’s minimum wage rose to $8 an hour on Dec. 31, from $7.25.

Since then, 374 cases have been opened based on employee complaints of minimum wage and overtime violations, the governor, said in a statement.

“It is a crime for businesses...

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Northrop Grumman: Transfers from Long Island to peak in summer

The Northrop Grumman Corp. plant in Bethpage.

(Credit: Howard Schnapp, 2011)

Job transfers from Northrop Grumman's Bethpage unit to locations in Florida and California will peak in the summer, a company spokeswoman said.

Spokeswoman Christine Restani said in an email that some employees already had begun moving, but "the majority" of transfers would take place in the summer.

Last March, the aerospace giant announced that 850 jobs, about 60 percent of the local...

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Metro consumer prices up 1.1% from Feb.'13

In February, the cost of gasoline fell 6.8

(Credit: Getty Images)

Consumer prices in the metropolitan area rose modestly last month from a year earlier, on higher costs for electricity and housing.

The federal Bureau of Labor Statistics reported Tuesday that its consumer price index for the 31-county region that includes Long Island was 1.1 percent higher in February compared with a year ago.

That was the smallest increase since October.

Martin...

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LI business events, March 18 to 20

The flowers of spring are coming, either with

(Credit: Bloomberg News / Jasper Juinen)

TUESDAY, MARCH 18, 2014

HIA-LI INFORMATION MEETING | Hauppauge

Learn more about HIA-LI, register, 8:30-10 a.m., Sandler Sales Training Center Hauppauge, 225 Wireless Blvd., Ste. 104, hia-li.org, 631-543-5355.

PROGRAM AND RECEPTION | Farmingdale

ACG New York's "The Art of the Exit Strategy," discussion on preparing and planning emotionally and financially to transition the...

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Medford-based Chembio Diagnostics names new CEO

John Sperzel, president and chief executive of Chembio

(Credit: Chembio Diagnostics)

Chembio Diagnostics Inc. announced Friday that veteran health care executive John Sperzel had become its chief executive and president.

Sperzel succeeds Lawrence A. Siebert, who announced last fall that he would retire after more than a decade of leading the Medford-based manufacturer of rapid tests for HIV and syphilis. Sperzel took over on Thursday.

Sperzel has spent more than 25 years...

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Astoria Federal to open branch near Penn Station

Astoria Federal Savings and Loan, a unit of

(Credit: Ian J. Stark)

The Astoria Federal Savings and Loan Association said Thursday it will open a full-service branch near Penn Station on March 31 to serve commuters and city residents.

The branch at 7 Penn Plaza, on Seventh Avenue at West 31st Street, will be Astoria’s first in Manhattan.

A unit of Astoria Financial Corp., based in Lake Success, Astoria is one of the largest Long Island-based banks, with...

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