What we’ll see in ‘23 – Long Island Business News

Executive Circle Awards

LIBN Staff//January 5, 2023
What we’ll see in ‘23

LIBN Staff//January 5, 2023
Matt Cohen, President and CEO, Long Island Association
The year 2022 started with small businesses once again facing a mask mandate and other COVID constraints. As we enter 2023, we are in a much better place with the majority of pandemic restrictions behind us and many exciting, transformational projects on the horizon that offer our region hope for the future; including the recent completion of the LIRR Third Track and imminent opening of Grand Central Madison, job-creating offshore wind projects coming to fruition, and millions of dollars in state economic development funds being invested in our region. We need to collaborate and capitalize on these opportunities to address challenges like our high cost of living and retaining young professionals to support our future growth. In 2022, the Long Island Association introduced a new Small Business Support Program, launched a redesigned website, enhanced our digital communications for our members, and highlighted the economic imperative of fostering a more diverse, equitable, and inclusive business community and corporate culture to spur growth and keep our region vibrant. The LIA will continue to implement a fresh, sustainable vision for Long Island as we head into the new year, and partnerships with key stakeholders such as our business members, elected officials, chambers of commerce, and other business organizations are critical to achieving our region’s shared goals. Although inflation, high interest rates, and other headwinds are triggering more economic uncertainty, regional unemployment remains low, optimism is rising, and we at the LIA are confident that Long Island is moving in the right direction and our economy will soar in 2023.
Sarah Lansdale, Commissioner, Suffolk County Economic Development and Planning Chairperson, Suffolk County Industrial Development Agency
Suffolk County’s innovation economy will continue to grow in 2023 as our goal to keep our county a desired location for residents and businesses alike remains. In 2022, we saw local companies expand and new ones enter the region and we look forward to providing responsible financial assistance to those businesses poised for expansion and job creation. Our mission of attracting and retaining businesses continues so Suffolk County can keep experiencing private capital investment and creation of employment opportunities.
Commercial real estate in Suffolk County is still at a premium. The Suffolk County Industrial Development Agency will remain steadfast in working with new and existing businesses to make investments that can continue to turn underutilized properties and commercial corridors into job creating, tax-generating hubs. Similarly, as investments create new job opportunities, we must ensure a diverse mix of quality and affordable housing options are available. What good are jobs if employees don’t have somewhere to live? We look forward to seeing our region continue to support community revitalization, multifamily housing and transit-oriented developments.
If you’re doing business on Long Island and aren’t familiar with the Suffolk IDA and how we can help, we encourage you to make your New Year’s resolution by contacting us.
Dave Lyons, Interim President & COO, PSEG Long Island
In 2022, PSEG Long Island incorporated numerous enhancements and upgrades to the electric grid, our systems and our storm processes, including our contingency procedures.
In 2023, we will continue helping customers on Long Island and in the Rockaways recover from the pandemic while strengthening our local commercial districts and further improving on every aspect of the service we provide.
We will continue to work with our economic development partners to encourage businesses to succeed and grow. For small business communities, we will continue the economic development programs that have helped turn individual businesses into downtown destinations, and we will continue to provide grants to local chambers of commerce to make outdoor dining and shopping comfortable, and encourage more residents to shop local.
PSEG Long Island has a goal to help commercial customers reduce their overall energy consumption (electricity, fuel oil, propane and natural gas). We offer rebates for high efficiency LED lighting, HVAC systems, thermal envelope improvements and other efficient technologies. We also offer incentives for infrastructure related to public charging for electric vehicles.
After nearly nine years of operation, PSEG Long Island understands a great deal about the challenges that businesses face. Regardless of what 2023 may bring, PSEG Long Island will apply that experience as we proudly continue our work to improve customer experience, our communities and our economy.
Kyle Strober, Executive Director, Association for a Better Long Island
Affordability will remain at the forefront of issues facing Long Islanders in 2023, especially now with inflation and high interest rates adding to the woes already created by our region’s high taxes and daunting cost of living. At the center of this economic gordian knot is the lack of diverse housing options, particularly multifamily developments. With Governor Hochul’s pledge to create as many as a million new homes that focus on affordability, Long Island’s economic development community stands ready to assist. The question remains: what incentives will Albany put into place to address this crisis because, as history dictates, without them these much-needed projects will remain economically unfeasible. The state needs to partner with municipalities and communities to identify areas where multifamily and transit-oriented development can be built and then look to expedite construction. Among the options include state legislation supported by a bipartisan coalition of public officials, environmentalists, and labor that offers local municipalities the option to create self-certification programs to fast track construction. Otherwise, 2023 will look much like 2022, 2021, etc., and that is untenable for our region’s future.
Carolyn Mazzenga, Office Managing Partner, Marcum LLP
Will there be a recession in 2023? Some would say we are already there. Paychecks are not going nearly as far as they did just a few short months ago, thanks to inflation. This has a major impact on Long Island business owners, who struggle to find talent and be able to pay wages that are suitable for this market. If wages don’t keep up with the cost of living, you run the risk of losing good talent. There are times that the return on raising salaries could be better than not raising salaries. In these times, business owners must look for alternative ways to save on expenses. Owners and their financial advisors should be looking at every line item to see where expenses can be reduced. Is remote work working for you and your staff? Do you still need as much space? Is it possible to have some departments go completely remote while keeping others in the office? This has a compound effect as your fixed costs for utilities, office furniture, property insurance, and more will all come down.
Michael Dowling, President and CEO, Northwell Health
The experience with COVID-19 over the past three years and the current international instability has changed the circumstance we all live in – in fact, it has changed each of us personally. Similarly, all businesses and organizations are different now – including healthcare. It requires us all to adapt and think anew; reevaluate and disrupt themselves. This is not necessarily a bad thing. It can be a necessary readjustment and a positive development.
Instead of negativity, it’s time for reasonable optimism. Opportunities lie ahead. It will be a test of leadership. Healthcare in 2023 will continue to evolve. Some examples:
The transition of inpatient to outpatient will continue. Northwell has been the leader in this space with over 860 ambulatory locations. Inpatient hospital-based care is now only 47% of our total business.
The acceleration of the use of telemedicine will continue to provide enhanced consumer access and convenience. COVID was a major catalyst here.
There will be a greater focus on equity and access in those communities disproportionately affected by COVID. More healthcare organizations will be going upstream to deal with the social determinants of health.
Competition will continue to increase, with new entrants, such as tech companies, private equity, pharmacy chains and insurance companies.
One of the great lessons of COVID was the necessity ability to be creative and innovative – facilitated by government relaxations of many regulations – most unnecessary even in good times. Government needs to adapt and help release the creativity that is inherent in healthcare.
Overall, it’s a time for optimism. Healthcare will continue to improve. We are, in my view, not overwhelmed with challenges. 2023 will be a test of leadership: How to inspire, motivate, take risks and innovate. We are up to the task.
Michael D. Sapraicone, President & CEO, Squad Security
In 2023, we will witness increased global growth in the physical security industry, much of it due to the addition of venues regarded as higher-risk targets for acts of violence. Traditionally, corporations have sought to protect themselves from terrorism, sabotage, vandalism, and various forms of cyber threats. In the US, the increased frequency of gun violence and mass shootings will fuel concern among a host of places such smaller concert arenas, clubs, and bars, which have never had to pay much attention to enhanced physical security.
A possible recession and lax criminal justice policies further complicate matters and may result in more shoplifting and employee theft. I also expect to see more spending on law enforcement as many cities begin to realize they need to reassess policing after making budget cuts and not hiring more officers.
According to one report, by 2026 global spending on physical security is expected to reach $140 billion.
Jan Burman and Steven Krieger, Principals, B2K
Long Island is, and will always be, a defining part of our corporate presence. It is where we have become one of the largest and most respected multifamily rental and assisted-living residential brands in the bi-county region. But 2023 will see a new company emerging from Engel Burman. Under the name B2K we will be able to bring significantly expanded resources to emerging real estate opportunities in other parts of the country with our initial projects to be found in Virginia and Florida. That decision reflects a multitude of factors with a primary driver being the ability for B2K to identify new markets that welcome development and thereby create new corporate opportunities for expanded growth.  To be clear, our professional reputations were created here and there remain significant opportunities on Long Island for B2K but in the new year we are seeking far more flexibility in identifying and building in areas of the country where our residential proposals are very much in demand.
Ray Ann Havasy, Founder and Director, The Center for Science
Health and science related fields are at a crossroads, especially following the recent challenges we have gone through this past year. With climate change, the COVID-19 pandemic, limited access to clean water and other crises facing our planet, the STEM field is ever growing.
It is clear that we must encourage young people to understand and embrace science and learn about the world around us. Going forward in 2023, we need to educate families and their children about the importance of science and how it has a daily impact on our lives. As a STEM professional and educator, it is critical to teach our younger audiences about science in engaging and interactive ways. One way the Center for Science does this is through our dinosaur and live animals exhibit, which focuses on the adaptation of these species to the environment through time.
It is important that we learn to incorporate new ideas to have a better understanding of the world around us. This starts with not only our children, but adults as well. It is up to them to encourage and inspire our youth to engage in STEM-related activities in order to preserve the world we live in.
Bishop Barrington Goldson, CEO, Academy Charter School group
The year 2023 will see The Academy Charter School manage a surprise $7 million donation from one of the country’s most respected philanthropists, the prize-winning novelist MacKenzie Scott. We remain excited, honored, and humbled to be recognized for such an award which will allow us to expand our commitment to provide quality education to underserved Long Island communities. This donation is also an acknowledgment of the enormous positive power of excellence in the classroom as achieved by charter schools. The statistics help tell the story. More than three-quarters of our enrolled families are economically disadvantaged but results of state testing in math (for example), reveal above average achievement among our students who attended classes on the Hempstead and Uniondale campuses. Equally important is the quality of educators totally committed to their students’ success. I suspect these are among the factors that led to Ms. Scott’s decision to award this grant. We won’t fail her expectations.
Ed Blumenfeld, President, Blumenfeld Development Group
There needs to be recognition by Long Island townships that without an effective review process for proposed development significant private sector investment dollars will continue to migrate to other regions of the country. BDG will certainly sustain its investments on Long Island but, even before COVID altered the real estate landscape, we made a conscious decision to pursue significant development projects now underway in California, Texas, and Florida. We are not alone. While it has been quietly happening for several years, the momentum for Long Island based developers to invest elsewhere is likely to pick up in 2023. That is not to say there aren’t Long Island townships that have efficient and collaborative protocols in place that thoughtfully consider development proposals. It is to those municipalities where private sector investments will likely be made in 2023, and, by doing so, will generate property tax revenues that offset the burden on the residential homeowner. BDG will continue to invest in its Long Island properties, but it will also expand its role as a national developer.
Sarah Veitch, Executive Director, Long Island, JPMorgan Chase
Just when Long Island business leaders thought pandemic-related challenges were in the rearview mirror, 2022 has presented several new and intensified headwinds. Here are three key considerations for local business leaders to keep top of mind as we enter 2023.
Keep your house in order: One of the strongest defenses local business leaders can deploy against a volatile economic environment is ensuring their businesses’ financial fundamentals are solid, with a balance sheet that can weather any downturns.
Remain nimble: It will be important for business leaders to continue applying a flexible mindset around their business models and expenses in developing near-term action plans for the economic environment. This may require considering and prioritizing changes to product mix, prices or business strategy if sales slow.
Think long term: For businesses with ample financial resources and conviction around carrying out their longer-term strategies, a softer economy can provide an opening to build or expand. That could mean sticking with long-term plans to grow businesses through product innovation and other tactics, or even taking advantage of uncertain economic times to pursue unique strategic merger and acquisition opportunities that wouldn’t otherwise be available.
Kevin O’Connor, CEO, Dime Community Bank
Post pandemic, inflation has reached a 40-year high, prompting the Federal Reserve to tighten monetary policy at an accelerated pace. In 2023, we will be watching interest rates very closely – while higher rates are generally positive for financial institutions, they also drive recessionary fears and potentially higher loan losses as credit quality declines. The changing environment may have the largest impact on fintechs. Higher rates and recessionary fears have prompted investors to demand real returns, shifting management focus to achieving near-term profitability. Startups across the sector are now intent on cutting costs, which has typically resulted in reduced ad spending and headcount.
David Sterling, CEO, SterlingRisk
It appears the supply chain problems are slowly easing, just in time for the economy to move into recession. It’s hard to forecast exactly when or how bad, but a reckoning is coming. My feeling is that it will be severe, but not as long as predicted.
On the insurance front, the reinsurance crisis has worsened, meaning that those risks in windstorm, flood or earthquake vulnerable zones will find it more difficult to obtain insurance and pay a lot more for it. We see this trend continuing for most of 2023.
It is possible that with a recession, insurance rates will stabilize as businesses buy less insurance, impacting the demand and supply relationship.
A positive trend that will continue in the coming year is the digital transformation of the insurance industry. Across virtually all lines of business, digital technologies and analytics are enabling U.S. insurance organizations to improve business performance, enhance risk solutions, and better serve customers. At SterlingRisk, 2023 will see an ongoing commitment to data and analytics to meet customer needs and strengthen relationships.
Richard Kessel, Chairman, Sheldon Shrenkel, CEO and Executive Director, Nassau County Industrial Development Agency
2023 is poised to be another great year for Nassau County’s economy. At the Nassau County Industrial Development Agency (NCIDA), we will continue our mission of attracting to our region, creating job opportunities for residents, and growing the county’s tax base. As we aim to operate this agency more as a business rather than a government entity, we look forward to speaking with company corporate heads and developers about why Nassau County is the right place for their business.
Supporting the growth of our businesses and job opportunities is important, but equally as important is ensuring those employees have quality places to live. In 2023, we will continue to work with developers and communities to fill the significant void in housings options for our workforce, elderly and future generations.
We encourage those unfamiliar with the financial assistance that is available through the NCIDA, as well as the Local Economic Assistance Corporation, to connect with us this year. Whether your business needs assistance in site selection, expansion, logistics, nonprofit bond refinancing or more, we are at your service to provide the resources and guidance your business needs. Let us show you the pro-business strides the Nassau County Industrial Development Agency continues to take.
Tawaun Whitty, Director of Operations, Vision Long Island
2023 will be a tipping point for Long Island.  Now that we have moved past the restraints of COVID regulations, we can move forward from emergency repair to sustainability of our economy. With elections over, a much-needed reintroduction of Long Island to our state officials and departments can help clarify the unique needs of Long Island communities. Distinguishing the differences between ourselves and our northern counterparts or New York City neighbors will help clarify the specific needs and types of funding that will be widely received and vital to restoration.
The Manhattan migration provides a boost to the Long Island economy for many of our small businesses and upcoming programs and funding will allow them to recover from the past few years and continue with expansions like outdoor dining. The challenge will be to remain mindful of rising costs for both their businesses and customers.
This is a similar challenge with our housing market. The demand for rentals and affordable housing is higher than ever before. With more and more hearings showing support for good development, we are headed in the right direction.
COVID raised awareness of some ongoing issues that are now getting the attention they deserve. Walkability and pedestrian safety, food insecurities, and other human needs are seeing more headway that will continue through 2023.
Like the lessons we learned from Sandy, we need to need to remember what we learned from the pandemic to build back better.
Robert Creighton, Managing Partner, Farrell Fritz
While global economic conditions continue to be challenging, our Long Island business clients remain optimistic about 2023. Supply chain issues have eased in many industries and strategic business transactions are continuing. The interest rate environment may slow financings in the first months of 2023 – particularly refinancing activity – but we expect to see this market recover in the second half of 2023. Family owned and closely held businesses will continue to weigh their options in this “post-COVID” environment. We expect that there will continue to be opportunities for owners looking to pursue liquidity events, although the cost of funds for buyers may have an impact on multiples in these transactions. The real estate market will likely be impacted by rising interest rates, but we expect to see developers continue to move ahead with transformative projects on Long Island and we expect to see large retail spaces repurposed over the coming years. Finally, we think that there will continue to be consolidation in any number of industries including healthcare and the nonprofit community. For nonprofits, in particular, the challenges of fundraising, navigating the regulatory environment and various governmental reimbursement regimes make it likely that larger, more financially sound organizations will be better positioned to advance the mission and conduct the programs of smaller organizations. On balance, while the last several years have certainly presented challenges to all businesses, the resiliency of the local business community is remarkable, making us optimistic about 2023 and beyond.
James Lentini, President, Molloy University
Molloy University will leverage our strength in developing the healthcare workforce with expanded programming to meet growing demands. We will continue to graduate skilled nurses and other professionals that include allied health technicians, medical assistants and specialists in speech pathology, clinical mental health, healthcare MBAs, and others that are much needed by employers.  In addition to our primary campus in Rockville Centre, our new Suffolk Center has strengthened our footprint in the region. There is much focus on the value of a college degree, often measured by post-graduation employment.  Molloy excels in this area, and students ranging from undergraduates to adult learners will benefit from new academic programming that will provide even more career opportunities. Our goals extend beyond career preparation, and we will continue to focus on educating the whole person, providing them with both the skillset and the values needed for the future citizens of Long Island and our region.
Neela Mukherjee Lockel, President & CEO, EAC Network
The EAC Network is a nonprofit human services agency that responds to the human needs of close to 60,000 individuals and families with well over 100 critically needed programs and direct support services throughout Long Island and New York City
The EAC Network helps our clients within the five following pillars of service: children and youth, behavioral health and criminal Justice, senior and nutrition, family and community and vocational services.
In 2023, we anticipate seeing increased need and attention to issues that have deeply affected our communities, such as substance abuse, mental health and public safety. We have seen these issues dominate our newsfeeds, and conversations. Here at EAC, we have been working hard to address these and other issues through our network of services designed to be a safety net for many of our neighbors.
In 2023 we will strengthen our partnerships with key community leaders, the court system, and all our partners while developing new and innovative relationships to help us fulfill our mission.
James Bonner, President, New York & Atlantic Railway
Headwinds in supply chain issues in 2022 hindered New York & Atlantic Railways’ ability to be nimbler. Still, it also allowed us to contribute to the region’s freight transportation needs while increasing carloads. While recession fears may impact our construction materials business, we expect continued increases in carloadings in 2023 in commercial food, recycling, and other industries.
Hiring will be a significant focus for NYA as we seek local talent for train service positions, mechanics, and maintenance workers. In addition, as good corporate citizens, we will continue to engage in the community in terms of employee volunteering and supporting worthy nonprofit organizations.
Rail freight will continue to play a role in the region’s economic and environmental well-being through its ability to lessen truck traffic on our roads and reduce emissions. In addition, moving goods on and off the Island will remain critical in growing the local economy through rail’s economic benefits. New York & Atlantic Railway is poised to accommodate new opportunities for regional growth by providing dependable and economical rail freight services.
Jimmy Winters, Principal, Winters Brothers Waste Systems
When my father and uncle founded Winters Bros. Waste Systems over 70 years ago, they did so to address a dire need on Long Island: the proper disposal of solid waste. Since then, our family company has grown to adapt to the ever-changing world of solid waste management. In 2023, Long Island faces the unavoidable reality that the Brookhaven Landfill is set to close the following year. Soon, millions of tons of waste currently handled at the landfill will have nowhere else to go.
Winters Bros. has been working to find solutions for this impending crisis. One solution is an investment in moving waste off Long Island via freight rail. Not only are railcars more fuel efficient and carry more waste than trucks, they also lessen the burden on our overtaxed roadways and bridges. More importantly, moving freight by rail results in cleaner air and fewer greenhouse gas emissions.
While finding ways to produce less trash and recycle more materials are prudent undertakings that we should support, we still need cost-effective and environmentally friendly waste management systems to handle the volume of trash produced each day by Long Islanders. Rail is a realistic and responsible solution to Long Island’s waste crisis.
Kevin Chandler, Vice President and General Manager, Veolia Long Island
Environmental protection is not a “one-and-done” equation.  While under a public-private partnership we have strategically improved the operations of Nassau County’s wastewater treatment facilities, emerging technology has the means to significantly improve upon the advances that have been made in water quality and daily operation.  For example, Veolia is now using a form of sonar to “ping” sections of Nassau County’s 3,000 miles of sewers as part of its program to maintain this essential infrastructure. Our operation now uses advanced technology to reduce nitrogen going into Reynolds Channel on Nassau County’s south shore by 40%, making it far more hospitable for fish and other aquatic life. As climate change continues to challenge the nation and the globe, our corporate mission of ecological transformation isn’t aspirational but a compelling directive that will only become that much more urgent in 2023.
Randi Shubin Dresner, President and CEO, Island Harvest Food Bank
Long Island has among the wealthiest ZIP codes in America. Yet, many of our neighbors disproportionally struggle financially due to the post-pandemic economic calamity, the rise in inflation, and the region’s high cost of living. And while the USDA recently reported a decrease in food insecurity, it was mainly because of the work of the food banks across the U.S. during the pandemic and government funding that supported emergency relief. It doesn’t mean that hunger is going away anytime soon.
Island Harvest Food Bank is working hard to keep up with the current demand for food, supporting hundreds of thousands of people across Long Island. Unfortunately, as we witnessed with the financial crisis in 2008 and again in 2012 with Superstorm Sandy, recovery often takes longer for the most vulnerable among us. As a result, we expect the increased demand for supplemental food support on Long Island to continue for at least the next two years as the economy plods along an uncertain path.
Looking ahead to 2023, we are optimistic that private donations and funding from federal, state and local governments will equal our needs to continue our work in the community because food shouldn’t be an impossible choice.
Paule Pachter, CEO, Long Island Cares
As we enter 2023, I’m not sure how the nonprofit sector will fare if the economy doesn’t significantly improve. While we know critical issues such as food insecurity, mental health, childcare, veterans’ services, homelessness, LGBTQ rights and the need for affordable housing will still be at the forefront of needs in the Long Island region, I’m concerned the necessary fiscal support might not be there.
The nonprofit sector must advocate with one strong voice for the needs of the people we serve, and I’m hopeful our elected leaders will join us in ensuring Long Island receives its fair share of government support. On the other hand, I’m deeply concerned about the ability or desire of the new Congress to deliver for the nonprofit sector. The divisive rhetoric and divisions within Congress will be further amplified in 2023, and the needs of those people struggling may not be viewed as a priority. As we enter the new year, I have more confidence in leadership at the town, county and state level to support programs and services critical to ensure a better quality of life for Long Islanders in need.
John Duffy, Business Manager and Treasurer, Local 138, Operating Engineers
Hundreds of millions of public dollars have been appropriated for projects that will address the aging infrastructure that needs to be replaced, rebuilt, or renovated. The question is when will those dollars be made available to actually launch those projects? Will it finally be realized in 2023? In the case of the Long Island Expressway, it was years between the federal government making dollars available to repave badly worn roadways and the state actually letting contracts to get the job done. With new Long Island faces heading to Albany in State Senate and Assembly, this delegation should make this issue as a priority as the Island can’t wait years for “good intentions” to turn into projects that improve our region’s infrastructure.
David Heymann, Managing Partner, Meltzer, Lippe, Goldstein & Breitstone LLP
2023 brings with it a lot of economic uncertainty given the current high rate of inflation and rising interest rates, which have led to increases in costs of food and other everyday goods, thereby putting a strain on disposable income and the ability to save for most Americans. The higher interest rate environment, coupled with the increased cost of goods and services, will likely have an adverse effect on real estate development and financing as well as a borrower’s ability to meet debt service coverage ratios on floating rate loans. As a result, I would expect to see increased loan defaults and broken development deals leading to opportunities for those companies with substantial dry powder, distressed debt purchasers, and workout firms. Further, it is likely that we will see increased litigation and bankruptcy filings in 2023.
Lawrence Kadish, Founder and President, Museum of American Armor
At a time when social studies and history are fighting for inclusion in curriculum being taught in our classrooms the role of Long Island’s museums will become ever more important in 2023 if we expect a new generation to connect with our nation’s heritage and the world around them. Very few students understand that the geo-political borders that have led to 21st century conflicts are a legacy of World War II. So too is our society driven by technology.  We cannot depend on schools to devote the time to instill these lessons. To engage young people will require museums to be more innovative and interactive with visitors if they expect to compete with existing online apps and evolving virtual reality that are capturing the attention of today’s students.
John Spiezio, Chairman, ADDAPT
In 2023 I look forward to becoming the fourth chairman of ADDAPT, Long Island’s premier defense and aerospace trade organization.
ADDAPT is made up of over 100 companies covering 3 million square feet, employing over 10,000 Long Islanders with $3 billion of economic activity.
The 2023 aerospace and defense market are historically strong, the strongest it has been in several decades. Several new aviation programs are about to be announced, primarily Northrop Grumman’s B21 Raider, and the army’s Future Vertical Lift program.
The race to the moon had its inception here on Long Island and we are now seeing another space race. Long Island’s companies must be a key part of these efforts. In doing so we can renew our title as the birthplace of the defense and aerospace industries.
I look forward to working with the LIBN and Long Island’s business sector to educate our elected officials at all levels of government to increase the awareness of the presence and size of this industry on Long Island and the capability of ADDAPT’s members to design, build, ship, repair, and install all levels of components and supplies.
Long Island has to be ready, and we will be.
Maurie McInnis, President, Stony Brook University
The future of Stony Brook University lies in our ability to create an environment that welcomes ambition and innovation, and nurtures diversity and collaboration. As the newly named flagship of the SUNY system, our reputation is growing rapidly. Stony Brook is focused on student success—that’s how we’ve become the top-rated public university in New York. We are focused on providing excellent patient care–that’s how we’ve become a top-100 hospital.
Our strengths are aligned with state and national priorities, and we are investing in doubling our research expenditures. We are taking big bets like our effort to lead the Center for Climate Solutions on Governors Island as we strive to be a global convener at the forefront of climate solutions.
In 2023, we will kick off the Simons STEM Scholars initiative to enhance diversity in STEM careers and will be focused on building a culture of innovation that attracts talent and business to New York State. Attracting and supporting exceptional faculty and staff is essential to increasing our impact and prominence on the world stage. We are committed to bringing the benefits of our research, clinical care and education to the region.
Dr. Hal Paz, Executive Vice President for Health Sciences Stony Brook University, CEO, Stony Brook University Medicine
As we consider the future of Stony Brook Medicine, we cannot help but note how the pandemic has profoundly impacted communities across Long Island, reminding us of the importance of public health. As the region’s only academic health center, we take seriously our mission to provide care and comfort to those who are ill and vulnerable.
We are on the cusp of transformational changes in healthcare, and Stony Brook Medicine is at the forefront of addressing patient needs in innovative, personalized and integrated ways—from digital applications to virtual visits boosted by the recent COVID-19 pandemic to community partnerships that help bring care into the community and harnessing technology that can help our patients better understand and manage their well-being.
We are enormously proud of our specialized areas: Stony Brook Cancer Center, Stony Brook Heart Institute, Stony Brook Neurosciences Institute and Stony Brook Children’s Hospital, the only children’s hospital in Suffolk County. We continue to evolve to distribute care delivery through community-based ambulatory medical care, and we look forward to opening our Lake Grove Advanced Specialty Care multi-specialty site this year.
In addition to patient care, Stony Brook Medicine is working to help ensure the next generation of health professionals is prepared for the evolution of healthcare by equipping students to break down traditional silos and to work more efficiently in healthcare teams.
As a healthcare system, we are reinventing approaches to meet patients where they are — both in their communities and at every juncture in their lives.
Mitchell Rechler, Co-Managing Partner, Rechler Equity Partners
Less than six months ago, Rechler Equity Partners opened the doors of the Canoe Place Inn, marking the completion of a community-driven effort to restore a piece of Long Island’s history.
In 2023, Rechler Equity Partners is poised to follow this successful model of partnership with local stakeholders to strengthen our local economy. The expected completion of the fifth and final building of our Hampton Business District and initial work on the Rechler Business Center in Medford are two examples of the continuation of our grandfather William’s vision. As the original master developer of the Vanderbilt Industrial Park, known now as the Long Island Innovation Park at Hauppauge, he understood businesses’ need for versatile, tailored operating space.
Along with our two industrial parks, work will also begin on our next 92-unit Greybarn project in East Patchogue. Housing is vital to economic growth. If we expect our tenants to thrive and expand, their workforces must have high-quality living options available to them.
Despite uncertain economic times and volatile markets across the United States, we are confident that the business and development community will move Long Island’s economy forward this year due to the continued demand for warehousing and industrial space.
Deirdre O’Connell, CEO, Daniel Gale Sotheby’s International Realty
There’s no such thing as a national weather report, and real estate will always be local. Long Island real estate traditionally fares better than much of the nation. We usually don’t have the huge swings in either direction seen in many other markets around the country. In 2023, we expect a more normally paced market without the buying frenzy prompted by the pandemic and rock bottom mortgage rates of the previous two years.
Mortgage rates have risen considerably – buyers are adjusting and finding opportunity without having to make snap decisions. They are also working with lenders to find the right mortgage product to meet their needs, which may not be a 30-year fixed rate mortgage. And to put rates into perspective – since rates were first tracked in the 1970’s, the average rate has been 8 percent.
With many homeowners locked into very low-rate mortgages, many are not in a rush to move, which is adding to the limited number of available homes on the market. With hybrid work continuing and millennials moving to Long Island at a much younger age than they did pre-pandemic – there is demand. People always need a place to live; we always sell homes.
Donald Leistman, Parner, Forchelli Deegan Terrana
Given the changed economic landscape over the past few years, office building owners must keep an eye on their real estate tax burden. COVID-19 and increased flexibility for employees to work remotely, has produced the equivalent of “four horsemen of the apocalypse” factors for the basis of valuation of office buildings in property tax appeals.
The office rental market has been continually stagnant or declining. As older leases expire, many tenants choosing to renew their existing space do so at flat or declining rates due to weakened market demand.
Owners face the problem of an increased amount of vacant space as companies continue to downsize, move out of state, or simply expand their remote workforce, considerably decreasing the need for physical space.
Expenses continue to rise. In addition to normal inflationary factors, there are increased costs for utilities, enhanced cleaning protocols and upgrades to air filtration systems due to COVID-19 concerns.
Overall capitalization rates have increased with high interest rates on the mortgage side and greater risk on the equity side, producing lower appraised values.
For property tax purposes, buildings must be valued for the upcoming year according to their current use and condition. The large shift in lease renewal rates, occupancy percentages, expenses and capitalization rates have or will cause a drop in market values of 10%-30% over pre-pandemic market values. Consequently, property owners must be vigilant in challenging assessments to ensure current taxes are based on this new valuation reality – which can make the difference of several dollars per square foot in taxes.
Joshua Hanson, Incoming Executive Director, The Safe Center
The Safe Center continues to serve as Long Island’s leader in responding to domestic and intimate partner violence, sexual assault, child abuse, and human trafficking. In the aftermath of Gabby Petito and other DV homicides, the horrible tragedy of Thomas Valva, the work of supporting and assisting victims and survivors has never been more urgent. These high-profile cases have forced us to confront the reality that abuse happens in every community, including on Long Island. But skilled intervention and connecting with potentially life-saving resources can make a profound difference in a survivor’s life. The Safe Center’s service model is a unique and comprehensive response that incorporates advocacy, case management, counseling and legal services in collaboration with law enforcement, social service, prosecutorial, and medical partners. This model ensures the full spectrum of individual and family needs are addressed and those impacted by abuse are supported in their journey from victim to survivor.
Jason Lipiec, Long Island Regional President, M&T Bank
At M&T Bank, and within the wealth services we provide at Wilmington Trust, we’re paying close attention to inflation, its effects on Long Island and the greater impact on the Northeast. As we head into 2023, we see a continued shortage of affordable housing, including for-sale and rental product, driven by higher construction costs and interest rates.
We foresee continued labor shortages and further increasing food costs, making it increasingly important to support neighbors in our community through various giving efforts and initiatives. M&T reflects our dedication as a community bank by offering employees 40 hours of volunteer time per year to encourage involvement in local philanthropic efforts.
Next year brings a new chapter for many Long Island business owners and, as a leading SBA lender, it is critical M&T keeps a pulse on widespread economic concerns while supporting small businesses.
Amy Loeb, Executive Director, Peconic Bay Medical Center
Healthcare in 2023 will focus on increasing access to comprehensive medical care and implementing advanced technology to improve treatments outcomes. The East End population has grown, and medical facilities need to extend access to lifesaving care accordingly. For example, we’re increasing our emergency room by 75% to meet the surge in critical care patients, and we’ve expanded services in a number of areas including cardiology, women’s health, and primary care.
Eastern Suffolk deserves the best medical care at their fingertips, and residents shouldn’t feel the need to compromise medical care to maintain a suburban lifestyle. That’s why we opened new locations in Shirley and Center Moriches, where primary and specialty care was previously sparse. Additionally, we recently renovated our labor and delivery facilities, and we’re committed to continue expanding our women’s health services in our communities. We’ve invested in new robotic surgery devices and advanced imaging technology, now making eastern Suffolk a destination for state-of-the-art medical services for areas specialties such as breast surgery, cancer care and joint replacement.
Increasing access means eliminating obstacles for patients to receive quality health care. PBMC is also the home to the Suffolk County Cancer Services program, which is focused on expanding free screenings for uninsured residents and those who qualify for financial assistance, and we’re conducting extensive community engagement initiatives to emphasize the importance of early testing and detection for treatable diseases such as colorectal, breast and prostate cancers.
Richard Humann, President and CEO, H2M architects + engineers
Although Superstorm Sandy was 10 years ago, Long Island’s infrastructure still needs upgrades and repairs. Homes have been raised along the south shore and several protective measures have been taken through state and federal financial assistance. Municipalities and utilities have begun planning for storm hardening, various means of shoreline stabilization, and upgrades to existing energy transmission and distribution systems, all with a common goal: to build resilient infrastructure capable of withstanding future severe weather events.
The risk of more frequent, intensifying storm events should re-shape our collective mindset about funding and infrastructure planning. Federal and state infrastructure funding needs to be more quickly distributed to municipalities and utilities. This funding is essential for proper preparation. Proactivity is key; reaction isn’t an option.
In 2023, we also expect to see a growth in embracing renewable energy sources by implementing wind power and solar energy. Energy storage is also needed for our grid that currently cannot receive and distribute power from decentralized sources. Long Island’s infrastructure needs to be better prepared and 2023 is the perfect time for all stakeholders to act in concert to plan, fund, and execute resiliency and hardening projects before it’s too late.
Matt Pomara, Co-Founder, Ark Technology Companies
The migration to the cloud for businesses and schools will continue in 2023 and this will be a growth opportunity for the technology sector. With close to half of all employees working remotely, companies must ensure that they get connected, stay connected and function efficiently. As a cloud service provider, Ark Technology Companies has the experience and offers services that are ideal for companies whose employees come to the office, work-from-home or have a hybrid schedule.
Challenges are continuing for schools and businesses that have limited resources for maintaining cybersecurity. Ransomware and cyberattacks will continue to impact Long Island businesses, schools, hospitals and governments. It is critical that these entities work with quality and experienced technology partners, to monitor as well as have comprehensive plans to address system vulnerabilities.
At Ark we believe that for 2023 and beyond that leveraging data in more meaningful ways will be critical for success. Technology has given virtually all organizations access to a wide variety of new data. Schools will be able to use this data, to enhance and deliver education more effectively giving students more options and greater chances for success. In the business sector, data can be used to find ways to improve efficiency, speed up production and enhance profitability.
Dr. Adhi Sharma, President, Mount Sinai South Nassau
Despite the ongoing healthcare workforce shortage, supply chain disruptions, volatile economy and other challenges impacting hospitals across the U.S., Mount Sinai South Nassau’s robust growth will continue in 2023.
The highlight will be the opening of a $40 million Medical Arts Pavilion at our Long Beach Campus this summer, which will bring back multi-specialty medical care to the residents of Long Beach. We expect to complete an upgrade of our Interventional Radiology Suite this fall with the installation of a neuro-interventional biplane to streamline the diagnosis and treatment of stroke and other life-threatening conditions.
The new year begins with the hospital’s conversion to a new Central Utility Plant that will utilize energy resources more efficiently and fortify the hospital’s electrical, heating, ventilation and air conditioning systems against severe weather, including hurricanes.
It will be paramount for us to continue the success of our recruiting and retention efforts, which resulted in 1,117 total hires through Nov. 2022, including 100 new nurses. Additionally, we will remain disciplined and strategic in the deployment of our financial resources to maintain a healthy bottom line and collaborate with our vendors to control the costs of supplies and to ensure the timely delivery of our purchases.
Stuart B. Almer, President and CEO, Gurwin Healthcare System
2023 will be a critical time for long-term care, as we advocate for appropriate funding to adequately care for our most vulnerable citizens. As the rest of the world moves on from COVID, struggles with increased costs and strict regulatory requirements persist for the long-term care industry. Advocacy with our state and federal legislators is key to helping our lawmakers understand that we cannot continue without relief, and that relief must come quickly, or our seniors will suffer. Recruitment and retention will remain a focus for all. While we are competing against all healthcare providers for a limited number of professionals in the workforce, we also must manage and mitigate the loss of those leaving the sector altogether. These professionals are not going to a competitor; many are citing anxiety, burnout and the continued negative public perception of nursing homes in their journey to a new career. The coming year does bring some promise for long-term care. We have started and will continue to be creative in recruiting and in creating new opportunities for employment that support our caregivers and ensure residents are receiving the care and attention they need. We need to take advantage as an industry of the funding available to build our workforce and collaborate to ensure we are telling a story that entices individuals to become caregivers in the long-term care environment. And we must continue to advocate together, to ensure our legislature understands the importance of their support and the critical role it plays in our ability to care for our Long Island seniors.
David Nemiroff, President and CEO, Long Island FQHC
I think there will be a significant transition in healthcare. If we are heading into a recession, the underserved population will in many instances be the first to feel its effect. Sixty-eight percent of the people we serve, as a Federally Qualified Health Center, live under the federal poverty level right here in Nassau County. We anticipate a growing self-pay or uninsured population as some people may lose employment, as well as insurance coverage. Currently, 25 percent of the people we care for are uninsured. This number could grow in an economic downturn. As a safety-net provider, we offer a sliding fee scale for our services and won’t turn anyone away, regardless of their ability to pay.
All is not doom and gloom. The advancement of telehealth and mobile health has made it easier for patients to access care. There have also been increases in federal, state and local funding to support medical practices, especially for the underserved. Funding such as PPP loans and the American Rescue Plan, an enhanced federal match for Medicaid to states during the public health emergency, enabled many care providers to hire new staff and invest in new equipment.
Regardless of what happens with the economy, I believe healthcare providers will adapt and continue to meet the needs of patients and the communities we serve.
Erika Calderon, Managing Principal, Brinster & Bergman, LLP
Over the last three years, the pandemic has brought about a number of challenges for accounting firms. Since 2020, accounting professionals have been inundated with additional projects and multiple filing extensions. Government programs such as PPP, Restaurant Revitalization Program, Employee Retention Credit and SBA loans have put significant pressure on accountants to provide critical support to clients. While challenging, this also strengthened relationships with clients and created new opportunities for growth.
Staffing continues to be a major challenge for accounting firms on Long Island and across the nation. Larger firms are referring business and projects to midsize and smaller accounting firms. Outsourcing to India and other countries is being adopted by smaller firms and this will continue to accommodate the increase in workload. AI technology and software is also being used to fill in some gaps and adding to capacity.
For 2023, we expect a return to normalcy in the accounting profession. This year will look more like 2019 than the past two years. I believe that firms that have strong leadership and embrace “family focused” cultures, like we have at Brinster and Bergman, will grow, attract and retain talent.
Evan Krinick, Managing Partner, Rivkin Radler
The legal marketplace in 2023 will continue to focus on flexibility and technology to provide value to the client experience.  Innovative strategies, such as artificial intelligence and data analytics, will grow in importance as attorneys seek to go beyond being responsive to current client needs, but to anticipate future needs.  Cybersecurity will be the most important investment for all law firms, and for all businesses, big and small. The retirement of baby boomers will fuel an increase in wealth transfer strategies, while economic uncertainty will dampen corporate and financing transactions in the early part of the year. Real estate matters will be more active in other parts of the country, as investors seek opportunities outside New York. Litigation will be robust, as the courts try to catch up from the COVID backlog. Legislative and regulatory changes will also impact the legal environment, in obvious areas such as cannabis and gambling, and in other less obvious areas.
David A. Frisch, Founder and CEO, Frisch Financial Group
One of the hardest predictions to make is always, “what will the stock market do?” This year, and next year, is certainly no exception. Concerns such as the war in Ukraine, China’s zero-COVID policy, global inflation, rising interest rates, falling corporate profits, and the fear of a significant recession, are just some of the alarms all investors and investment advisors share. Although these concerns are valid, we could review any year in the last hundred years and there are always reasons to fear stock market declines.
So, what do we do? Most critical is to first create a strategy. Adequately fund an emergency account, determine how much risk you are comfortable with, be aware of the need to integrate tax planning into investment decisions, and stick to the overall strategy. Market timing, and making emotional responses rarely work, and this can often be the reason to hire a financial advisor. With that said, I do believe the market volatility will continue – both up and down. Inflation will not decline consistently in a straight line, and thus we will then have to try to determine how the Federal Reserve will respond. Looking through my broken crystal ball, I would not be surprised to see the S&P 500 rangebound between 3,800 to 4,400 next year.
Edward Novick, Mayor, Village of Old Westbury
Public safety is the most essential function of local government. A recent rise in crime on Long Island has forced law enforcement agencies across the region to combat brazen acts of illegal activity in our communities. As the mayor of the Village of Old Westbury, second vice president of the Nassau County Village Officials Association (NCVOA) and a Long Islander, I am saddened and concerned by these flagrant auto thefts, home burglaries and other offenses.
Bail reform legislation put forth by Albany has discouraged accountability for one’s actions. This factor, combined with societal issues like economic hardship, has incentivized criminal behavior. To address these issues, the NCVOA will continue to bring village governments together to communicate with the Nassau County Police Department to ensure best practices are followed.
In Old Westbury, we will broaden the ranks of our police department, implement layered technologies and use targeted intelligence to assist our officers in both crime prevention and the apprehension of suspects. These technologies, such as license plate readers, surveillance cameras and other intelligence gathering techniques will be pivotal in enforcement efforts.
Most importantly, governments must effectively communicate the importance of residents securing their homes, vehicles and belongings to avoid being victimized.
Christine Riordan, President, Adelphi University
Higher education continues to evolve at a rapid pace as student priorities change and the economy fluctuates. Finding new ways to improve institutional resilience while meeting the needs of all student demographics will be a primary concern for universities in 2023.
At Adelphi, we are seeing many encouraging trends that will shape the future of the industry. Our international student pipeline is growing quickly again after enduring two years of travel restrictions. Our graduate, professional and continuing education programs are also expanding as more adults seek career changes or advancement.
With these trends comes the need to focus on areas of study that are in the highest demand in the job market. Adelphi is enhancing its programs in healthcare, business, education, the arts, computer science, data analytics, applied sciences and more by tailoring the experience to each student. That means continuing to offer flexible schedules, increasing online options, and creating new pathways to affordable education.
Most importantly, as we look beyond 2023, universities must continue to emphasize the value of diversity, equity, inclusion and belonging. Making college accessible to all and creating a community that meets every cultural need is essential for institutional and student success.
Ryan Ruf, Chief Operating Officer, Eastern Suffolk BOCES
As the country contends with a competitive and fast-developing labor market, one thing remains clear — trade jobs are in high demand. According to the latest Department of Labor statistics, nurse practitioners top the list of fastest growing occupations, along with electricians, welders and other building trades; physician assistants; web developers; culinary professionals; and physical therapist assistants. In particular, jobs in the renewable energy sector, such as solar panel installers and wind turbine technicians, are now growing exponentially.
That is why we see the in-district model, which brings our programs for career and technical education directly into school districts, as a new way to give even more students the opportunity to pursue training in their preferred fields of occupation. Through our recent collaborations with Southampton and Brentwood high schools, students receive all of the work-based learning opportunities they need right in their own schools, eliminating the need to travel to outside facilities. This model, in addition to our numerous in-house programs, allows us to provide services that enable job training and give our students advantages in forging career paths. Looking forward, we hope to expand this model and continue to meet the needs of the ever-evolving workforce.
Robert Dillon, Superintendent, Nassau BOCES
New York is on the verge of a crisis brought on by a severe shortage of skilled workers in the trades. Now more than ever, we need to make career and technical education a priority or else risk a total loss of the middle class both on Long Island and across the state. BOCES are the solution to this crisis, providing expert training in the trades, employing industry leaders, state-of-the-art equipment and facilities that no individual school district has the resources to provide. Despite this need, however, BOCES remain one of the most underutilized resources in the state.
BOCES are a true hidden treasure and an equalizer. We provide specialized career education to students from a variety of backgrounds. Now is the time to end the stigma of working in the trades. In the coming year, we want to ease the path for any student who might want to pursue a career and technical education, and we encourage our communities to support this effort. We must never forget that when it comes to education, all means all.
Ronald J. Rosenberg, Founding Partner, Rosenberg Calica & Birney LLP
The business community needs to focus on the fact that the new year will see a new chief judge on the New York State Court of Appeals. That individual will be the choice of Governor Kathy Hochul, followed by confirmation by the State Senate. She may well select Corey Stoughton, a shining star of the Legal Aid Society who has stated her career is a “struggle to end mass incarceration” and to “confront the racism at the root” that she believes is embedded in the criminal justice system. There are other potential candidates who occupy various points of the political spectrum, but the reality is all seven judges on the state’s highest court have been selected by the last two Democratic governors. To create a far more truly diverse judicial environment, in 2023 the state should consider changing the way Court of Appeals judges are selected. The new system would provide that the governor selects three judges, and one judge would be selected by each of the four leaders of the State Legislature. This would ensure some measure of political and legal diversity in New York’s highest state court that has the last say on pronouncing and interpreting state law.
Howard M. Stein, Managing Partner, Certilman Balin Adler & Hyman
The landscape of the legal industry will continue to change in 2023. It’s already been happening. We see global law firms opening up offices on Long Island. We see law firms merging. We see law firms focusing on technological security and figuring out ways to best service their clients in this unpredictable world. For us, we at Certilman Balin plan to continue to stay the course by staying true to ourselves. In this region we have called home for more than six decades, we will continue to make a difference by preserving our core culture and commitment to our community and by continuing to invest in our talent and technology to best service our clients. We envision successful growth into the future, which will hopefully include the expansion of top-tier companies into our region, as well as further real estate developments.
Dr. Kerry Frommer Firestein, CEO, Adjuvant Health and Allied Physicians Group
Consolidation in healthcare on Long Island is accelerating. Large organization bureaucracies limit physician involvement in creating care paradigms. Small practice resource limitations deprive doctors of the support they need to focus on care. In 2023, we need to ensure that doctors lead healthcare teams while partnering with subject matter experts who can augment physician knowledge and deliver on shared visions. We saw during the pandemic that doctors should have played a greater role in governmental decision making and policies for patient care.
In the field of pediatrics, the demand for comprehensive mental health services is increasing. Children today are faced with greater social pressures, anxiety and stress. The pandemic exacerbated the trend and this has contributed to suicide being the second leading cause of death in our youth. This is unacceptable; more support is needed for mental health. Allied Physicians Group has added training and has expanded mental healthcare hours for patients; others need to do the same. Most healthcare providers have been working non-stop for the past several years dealing with the pandemic, flu, RSV and the mental health crisis. It is clear that practitioners need relief and access to support programs as well.
Dr. Neal Shipley, Medical Director, Northwell Health-GoHealth Urgent Care
Recent history shows urgent care holds a critical place in the healthcare ecosystem. It increases access to cost-effective healthcare. It prevents unnecessary emergency department visits and hospital admissions, and curbs over-prescription of medications.
As it did during the pandemic, I’m confident urgent care will continue to deliver care in new and innovative ways in 2023. Northwell Health-GoHealth Urgent Care is an early adopter of technologies that enable safe, convenient and connected care.  For example, consumer-facing devices are coming to market that will allow patients to provide data—like blood pressure, pulse and oxygen levels—to providers virtually, using a handheld device they can buy at a pharmacy. That’s a lot of valuable information available immediately. If needed, a patient can then be seamlessly scheduled for an in-person visit at one of our brick-and-mortar centers.
Currently, we’re seeing widespread flu and RSV, and we still have a high COVID-positive rate. The silver lining is that we’ve dealt with extreme-volume surges before, and now we have more treatment options.
In 2023 and beyond, we’ll seek opportunities to expand access to connected, on-demand care.  That is the purpose for which we exist and continue to innovate and grow.
Nikki Kateman, Political & Communications Director, Local 338 RWDSU/UFCW
Every year is an exciting year to be in the labor movement. 2022 had some incredible wins for workers collectively acting to improve their lives and workplaces both locally and nationally, which I fully expect to continue in 2023.
New York has released cannabis rules and regulations, along with hundreds of licenses to jump start the emerging industry. The new year should see more licenses being released – meaning businesses opening, jobs being filled, consumer access to a variety of locally cultivated and manufactured products, as well as revenue.
For Local 338 RWDSU/UFCW, this means continuing to work with the Office of Cannabis Management, as well as cannabis business owners, to build a sustainable industry that creates opportunities for workers to move into new careers, but also union careers that allow them to support themselves long-term and hopefully, be able to say they retired in dignity after spending decades working in the cannabis industry.
Don Clavin, Supervisor, Town of Hempstead
In 2023, we will continue our commitment to making the Town of Hempstead the best place to live, work and raise a family. We made great strides throughout my tenure to improve services and cut costs. In doing so, our township has not only improved logistically, but has also improved financially as we achieved a Aaa credit rating from Moody’s Investors Services – the highest credit rating score attainable. This marks the third consecutive credit rating increase received by the Town of Hempstead in the past three years.
My colleagues on the town board and I are following through on longstanding development projects for Baldwin. Just recently, we proposed a $100 million transit-oriented development project just steps away from the Baldwin train station. This new development will bring 215 new high-quality rental apartments, as well as 5,000 square feet of restaurant and retail space as well as an open public plaza. Maintaining a constant, open dialogue with the Baldwin community is the only way a project like this can move forward. Communication with communities is crucial to ensure projects can succeed in a dynamic matter while not jeopardizing the township’s suburban quality of life, and the current Hempstead Town Board has proven that we’re avid listeners.
For this upcoming year, we will also continue investing in our park facilities, including installations of turf fields, the refurbishing of tennis and basketball courts and adding lines for pickleball on tennis courts.
Justin Ghermezian, Principal, Calverton Aviation & Technology
In the coming year we will see final agreements and a closing that will allow Triple Five’s Calverton Aviation & Technology (CAT) to present to the real estate marketplace the enormous development opportunities at EPCAL. Through a unique public-private partnership with the Town of Riverhead, CAT is creating an environment that will welcome a broad spectrum of companies that will include technology, academic, manufacturing, research and development, among other business sectors. The company has already allocated promised funds to improve existing community recreational facilities, create green spaces, and other amenities that enhance the visitors’ experience at EPCAL. In addition, CAT proposes to ally potential development with existing Long Island centers of excellence such as SUNY Stony Brook, Cold Spring Harbor Labs, and Brookhaven National Laboratory, underscoring Calverton’s re-emergence as a dynamic hub for technology, innovation, and commerce. The coming year will be truly transformative for this property, unlocking its economic potential and it will be a direct result of Riverhead Town’s vision and leadership in advancing CAT’s proposal.
Kevin Durk, Chairman, Long Island Water Conference
2022 saw the continuation of an unprecedented investment into our region’s drinking water infrastructure, dominated by the installation of treatment systems for the removal of emerging contaminants 1,4-dioxane, PFOA and PFOS. The rate of investment will continue into 2023 and beyond.
Water is an unmatched asset for sustaining and building upon a growing society and economy. Every resident and business owner needs water to perform their daily activities. We are grateful for the continued support of our local and state officials that have supported hundreds of millions of dollars in grants to local water suppliers to help offset the staggering capital costs currently being invested.
As a region, we also have the collective responsibility to conserve and protect our only source of drinking water. Much of the investment being made to improve our water quality is needed for the sole purpose of meeting the 3-400 percent increase in demand water providers experience once sprinkler systems are turned on. Cutting back on irrigation usage can save millions of gallons of water each year. In 2023, you will see a renewed focus from Long Island’s public water suppliers on the importance of water conservation so we can keep our water supply sustainable for future generations.
Roger Sampson, Executive Director, New York 811
New York 811 is the legally designated nonprofit that acts as the communications link between utility companies, contractors, individuals, private excavation companies and others that are planning any digging activities in New York City and Long Island. We assist utility operators and excavators to make sure that all locations where mechanical digging or excavation will take place have all utilities marked for safety. Safe and marked sites reduce the potential for accidents, injuries or costly disruptions in water, electric, natural gas and telecommunications services.
As we return to normal, construction activities will increase. This will be further supported by the significant influx of federal infrastructure funding. Projects both large and small across the region will move forward. With our leadership and partners there will be a renewed focus on safety and leveraging technology to support training. Technology is also enhancing our ability to interact and rapidly communicate with our stakeholders which include utility companies and construction contractors.
In 2023, there will be a focus on updating old 1997 state legislation relating to construction safety. Updating these laws will enhance compliance with safety rules and regulations which is a positive step for the industry and provide greater protection for residents.
John Fitzgerald, Audit Partner, Berdon LLP
In 2023, business owners need to be prepared for economic uncertainty. Rising inflation has led to increased costs and the highest interest rates we have seen in years. Unemployment in our region remains very low, but wage increases are no longer keeping up with the rate of inflation. Due to these circumstances, there will most likely be a reduction in consumer spending with a decrease in corporate profits. A decrease in corporate profits will be met with decreased spending and potential layoffs, which we are starting to see across the tech space. The economy may be on the verge of a recession. Business owners should be prepared to be flexible in 2023. Owners should review forecasts periodically against actual performance and be prepared to make difficult decisions to control costs to get through a potentially difficult economic cycle.
Dan Wiener, Director of Acquisitions and Commercial Leasing, G2D Group
Long Island’s commercial real estate markets are poised for another strong year in 2023. Cyber Monday’s record sales indicate Americans have not halted their online buying habits. Our industrial market will continue to thrive in 2023. With millions of square feet of Class A industrial space on the horizon, demand remains strong and should continue to outpace delivered supply.
Office space should hold steady in 2023, even if we experience an economic downturn. Despite the increase in available sublease space, Class A rents remain strong and vacancy rates are stable. The same positive outlook goes for well-positioned retail space. Hospital system demand for offsite medical space remains healthy and LI’s shopping centers and big box retail have and will continue to be the beneficiaries.
It is well known that Long Island needs more rental housing. Development to fill this backlog should continue. Additional supply and competition will naturally foster affordability—we simply need to build more units for this to be realized.
Long Island’s investment sales market has historically been insulated from turbulence experienced elsewhere. Opportunities will arise and Long Island will continue to be a safe and desirable market for prepared investors in 2023.
Kimberly Cline, President, Long Island University
Student loan forgiveness from Washington, D.C. may alleviate some financial concerns for students and parents, but higher education institutions must do their part to provide high quality education at an affordable tuition. Committed to helping higher education remain affordable, Long Island University has capped tuition increases at 2% for the past decade, significantly below regional and national trends.
LIU continues to accelerate as a leading research institution. The university is ranked in the top 7% of research universities nationwide and is designated by Fortune 50 company Dassault Systemes as its only Center of Excellence for Life Sciences globally, with a focus on digital health advancements, artificial intelligence and digital engineering. With assistance from a $10 million Empire State Development Corporation grant, LIU will break ground on the $30 million, 40,000 square foot Center of Excellence in Life Science and Research and College of Science, firmly positioning LIU at the forefront of Long Island’s life sciences economy.
LIU’s new Roosevelt School will educate future politicians and diplomats by offering local high schools the opportunity for an immersive “White House Experience” in its simulated Oval Office, Situation and White House Press Briefing rooms. Students role-play in scenarios which mirror real-world crises, discussing and debating possible actions. Through these initiatives, LIU continues to be at the forefront of civic education through community engagement, while enhancing the educational experience of our aspiring young leaders.
Allan Cohen, Office Managing Partner/Long Island, Nixon Peabody
The market for legal services is uncertain going into 2023. Like all businesses, the demand for legal services is heavily impacted by the economy. We’re seeing inflation ease and supply chain issues loosen. On the other hand, COVID’s stickiness, political turmoil in a split Congress and instability in eastern Europe will weigh on us. I expect the industries that have been successful despite these headwinds – like food and beverage, healthcare and life sciences – to continue to thrive and produce a steady diet of M&A and other transactional work for law firms. On the other hand, emerging companies relying on a steady stream of equity financing are already facing challenges raising money that will undoubtedly linger into 2023. And so I do not expect a return to the overheated market for legal services that we saw in 2020 and 2021, but rather a return to business as usual in the first part of 2023 and increased activity starting in the fall as businesses get their footing and private equity and venture capital with big war chests deploy their funds.
Dominic Coluccio, Director of Real Estate, Lesso Mall Development
Commercial properties, including traditional malls, will continue to be repurposed to meet the needs of local communities, new shopping patterns and changing demographics. Expect lifestyle and entertainment-focused tenants and more restaurants. Consumers want convenience and to create memories and shared experiences, so Samanea New York will continue to create a destination where guests can dine, shop and play. Additionally, landlords will focus on tenant and government relations as well as strengthening community partnerships to maximize their property’s performance and obtain approvals for redevelopment. Samanea New York’s Restaurant Row will open in 2023 and will feature an array of fine international cuisines. Empire Adventure Park, a family entertainment center and fifth largest tenant will be the first new tenant to open on the property’s second floor in 26 years. In addition, Beyond Van Gogh: The Immersive Experience, will be the first of its kind to open on Long Island, and X-Golf, The Gravity Vault, and Ryco’s Escape Room will continue to transform this iconic site into a one-of-a-kind destination in Nassau County.
Brianna Spaziante, Marketing and Business Development Manager, Broadway Commons
Each year we see shopping centers continually evolving, and we know how people shop and spend their time has changed. As consumer behaviors shift, we aim to adapt to meet their needs and demands. In doing so, during 2022, Broadway welcomed several new retailers and looks to add new retail, entertainment, and dining experiences for customers to enjoy in the near year. In addition, Broadway Commons hosted over 50 activations and events annually, and we are excited to bring new innovative events to our guests in 2023.
To kick off the new year, Broadway Commons will unveil a new play area serving as a gathering place for families. In addition, this venue will host “Camp Broadway,” a series of interactive events that provide children with free educational and entertaining experiences.
We pride ourselves on being home to a mix of over 100 national and regional tenants and unique small businesses. In 2023, Broadway Commons is committed to delivering top-of-the-line shopping while providing the surrounding community with family-friendly, exceptional programs.
Russell B. Shinsky, Managing Partner, Anchin
As we look to 2023, I remain cautiously optimistic about Long Island’s business climate.
With inflation still unstable, housing costs at or near all-time highs, and higher mortgage rates, the residential real estate market may soften.
With increasing e-commerce, the need for warehouses and industrial space driving the logistics industry is growing. Another bright spot is that public sector construction should increase modestly.
Certain large national companies are showing signs of layoffs, which could provide talent to local businesses that are currently struggling to find qualified workers. Long Island’s hospitality sector has been especially challenged with labor shortages and product cost increases. Political and economic factors going forward will continue to have a direct impact to those businesses.
In 2022, how we worked continued to evolve. In 2023, this will be driven by technology support and enablement, and embracing of technologies that change how things are done. It will be important to invest in and harness technology and innovation to compete and attract talent.
Facing continued market volatility, complex geopolitical conflicts along with unpredictable legislation on the horizon, we look forward to providing our clients with specialized industry expertise, proactivity and partner-level attention so that they can achieve their goals.
Phil Andrews, President, Long Island African American Chamber of Commerce
The outlook for small business owners in the region will be great; as a much-needed infusion of cash through government programs has helped to stabilize many small businesses.
Many businesses were able to place their businesses on solid ground through the wise use of PPP loans and EIDL loans. Local businesses have pivoted through the use of technology, and many lowered their cost by allowing workers to work virtually.
The past few years have taught us that if we build healthy ecosystems we will have greater success in building sustainable economies. Small business owners are creative and problem solvers by nature, and they will remain the engine that fuels economic growth in America.
The American economy is one of the world’s most resilient economies in the world, and was built on innovation, hard work, and good old fashioned human ingenuity.
Katherine Heaviside, President, Epoch 5 Public Relations
2022 was the year that the business community awakened from its long COVID slumber and energetically ramped up new business efforts. That will continue through 2023. During the pandemic, many had downsized internal administrative functions, such as marketing and public relations, but they are now implementing business-building tactics. Companies, nonprofits, and educational institutions urgently need people who can produce measurable results. It has been a boon for Epoch 5 and other outside agencies that have experienced teams of people.
There is also a recognition of the value of establishing a leadership position for senior management. Awards, op-eds, blogs, webinars, and dynamic website copy build that leadership profile. Epoch 5 and other PR agencies meet those needs.
Another trend that will continue in 2023 is the increased demand for issue-management and crisis-management services. Associations challenged by new legislation; schools and universities facing potential negative publicity, and businesses contending with issues tied to employees and the changing workplace regularly contact Epoch 5. We have also seen a sharp rise in referrals from attorneys with clients who have issues that can potentially damage their reputation or even put them out of business.
In a post-pandemic world there are new opportunities for marketing and public relations firms, a trend that will only grow in 2023.
Jeffrey L. Reynolds, President and CEO, FCA
Though providing health and human services is invariably centered on hope and optimism, 2023 will likely bring some challenges for local children, families and seniors. COVID cases have dropped, but post-pandemic anxiety, depression and uncertainty among kids and teens continues to spread and can be as deadly as any virus. Local seniors are facing the same mental health plights, while simultaneously making tough recession-era decisions about whether to pick up their medication refills or pay their home heating bills. If a recession takes full hold, homelessness will increase, healthcare disparities highlighted during COVID will deepen and government may be tempted to curtail spending on vital services. That would make 2023 a challenging year, but the last three years haven’t exactly been easy and during tough times, Long Islanders always manage to push themselves and each other to do more.
Corinne Hammons
President and Chief Executive Officer
Little Flower Children and Family Services of New York
As we emerge toward a post-pandemic 2023, a top focus for Little Flower, as I anticipate it is for many human services organizations, is charting a new course going forward based on what we learned during the pandemic. During COVID, our heroic frontline staff worked 24/7 to meet our mission, but we must invest in this workforce in a robust way that limited funding does not always allow.
The national inflation surge and attendant decrease in government spending have further magnified a statewide housing shortage. This puts further strain on nonprofit child- and family-serving agencies like Little Flower as they help young adults transition out of foster care to adulthood. The challenge is particularly acute for youth and young adults with developmental disabilities who are exiting foster care and will be served as adults by the New York State Office of People With Developmental Disabilities system. We appreciate being part of a current dialogue among New York State agencies and providers about these “cross systems kids,” as well as critical coalitions, including Fair Futures.
Little Flower continues to adapt with innovative models of community housing care that provide coordinated services along our traditional trauma-informed support for independence, community engagement and dignity. With innovation and workforce investment, the outlook for continuing to meet our vital mission is strong.
John Ackerson
JM Haley, Corp.
JM Haley, Corp., has weathered the ebbs and flows of economic stability before. As a sub-contractor fabricating and installing ductwork to HVAC mechanical contractors, JMH is now contending with union and non-union companies, making it super competitive.
Material costs in the past couple of years has spiked like no other time in our business history. Pricing of metal increased as much as 180% after its low in the fall of 2019.  The volatility of pricing greatly affected profit margins and, in some cases, resulted in losses. The business plan has always adopted taking work with slim margins just to keep our team employed, especially in down economic times.
JMH is optimistic that 2023 will continue to see the reduction of material costs. JMH has a significant backlog of projects, but remains cautious and hesitant to consider new capital investments. We believe that only the fittest survive in challenging economic times. JMH will survive whereby others may not as a result of its investment in a quality team and strong historical performance.
Dr. Michael Brisman
Neurosurgeon and CEO
NSPC Brain & Spine Surgery
Patient preferences for privately-owned medical practices, which allow their doctors full autonomy in making important medical recommendations and decisions as opposed to third-party owned practices, will continue on the upswing in 2023. Advances and investments in medical technology are resulting in fewer surgeries and an increase in non-invasive treatments which is a trend to continue in the new year and beyond.
Long Island businesses are expanding and promoting their corporate wellness programs with meaningful and comprehensive healthcare benefits for employees. NSPC will continue to address this growing need with the increased on-site care we provide via a mobile unit which travels to businesses to provide screenings, consultations and evaluations to a company’s staff. The potential expansion of New York State’s wrongful death statute, which has been in place for 174 years, may pose a dramatic challenge to medical practices, through increased liability insurance costs, and to patients in the form of higher medical bills if the change is made in Albany.
Dr. Navin Arora
Borealis Dermatology
Long Island is fortunate to have a large and very diverse healthcare marketplace with major hospitals, health systems and specialty practices. As a doctor, it is critical for me to prioritize patient care and do what is necessary to enhance patient experience. Providing personalized care is my goal at Borealis Dermatology and should be a priority for all medical professionals.
In 2023, healthcare providers need to focus on patients and building relationships. Patient experience is not only about shorter waiting times, but communicating on a regular basis as well as being kind, compassionate and attentive. Practitioners need to remember that patients are people and not numbers or transactions.
We will continue to see the trend of the all-digital medical office. At Borealis Dermatology, we are heavily invested in digital solutions for sharing electronic medical records with patients and providers as well as for patient communications. People want and need information immediately and in formats that can be easily consumed.
For medical practices and practitioners who focus on patient experience and technology, 2023 will be a successful year.
Lauren Wagner
Executive Director
Long Island Arts Alliance
The Long Island arts and culture sector continues to prove itself to be an integral economic factor in the overall financial health of our region. The impact of the COVID-19 pandemic on arts and culture has been multi-faceted and far-reaching, and with attendance still not at pre-pandemic levels, 2023 will continue to push the agenda of persevering through crisis and doing more with less. With a drop in reported earned income, arts and culture organizations will need to focus on diversifying their contributed revenues, and with the majority of “relief” and “rescue” funds coming to a close at the end of 2022, it is imperative that community engagement and advocacy for the sector as a whole is at the forefront of our work at the Alliance for 2023. We look forward to sharing the results of the Arts & Economic Prosperity 6 study in partnership with Americans for the Arts in the fall, along with the launch of Arts Long Island, a website and marketing campaign dedicated to promoting the world-class arts and culture offerings across the Island.
Norton Travis
ProHEALTH Dental
This past year, we have seen the importance of oral health as a critical factor of overall health come to the forefront of the conversation in media, medical and government circles. Just this past month, it was announced that CMS expanded Medicare coverage for specific medically necessary dental procedures, increasing coverage for many Americans. And earlier this year, the NIH issued a seminal report on “Oral Health in America,” noting over 60 serious medical conditions tied to poor oral health. This has led to numerous healthcare organizations urging both private and governmental payers of the need to integrate dental care and medical care in their efforts to close healthcare gaps and achieve health equity.
There can be no doubt that through coordinated medical and dental care, overall health will improve, and healthcare costs will go down.
Since our inception six years ago, ProHEALTH Dental has been the nation’s leading advocate for bridging the oral and overall health gap through our unique model of creating clinical affiliations with large medical groups and healthcare systems. On Long Island, we are proud to be the clinical affiliate of ProHEALTH Care Associates (now Optum), Catholic Health, and IPANS, creating the opportunity to work hand-in-hand with their numerous high-quality physicians who understand that good oral health is essential to good overall health.
It’s finally time for the public, the medical community, and payers to “put your health where your mouth is” and create a better healthcare delivery model.
Jack Khzouz
Nassau Inter-County Express (NICE) Bus
With ridership numbers finally climbing back to the pre-pandemic levels of 80,000 per week, NICE Bus in 2023 will continue on our path of developing responsive and innovative service models which meet the needs of our riders. Along with our fixed routes which cover more than 1 million miles every month, NICE will continue to expand its “on-demand” ride share service (NICE MINI) along key Nassau County commercial and residential corridors, and will also be upgrading bus stop signage with new digital technology.
The year ahead will also see the continued expansion of clean and renewable vehicles being added to the NICE fleet, with the anticipated groundbreaking for an electric vehicle charging station to be constructed with the support of Nassau County.
John-Paul Smolenski
MMP Capital
The first half of 2023 will likely be rough. Skyrocketing utility costs, as well as overall larger cost of overhead, will destroy company profits and spark additional fear into consumers. Companies that are well capitalized will be able to weather the storm until inflation levels off.
Buying new equipment during this time may not seem like the best financial decision. However, challenging economic times can be the perfect opportunity to take advantage of financing options. Corporate Darwinism allows the strong to survive at the expense of the weak. As some companies go out of business, it provides opportunities for strong companies to grab market share along with talented new employees from inferior companies.
As a company that identifies funding sources and provides businesses with direct funding, MMP Capital is seeing a sustained 25%-40% increase in funding requests and expects that trend to continue in 2023.
Financing offers flexible terms to fit any business and keeps cash on hand for operating expenses. MMP’s ‘time-is-money’ approach to financing helps customers get equipment quickly before competitors. Fast turnround also locks in interest rates before they change and means vendor partners can sell more product in less time. MMP will continue to succeed in the coming year, although the macroeconomic environment will continue to get worse in 2023.
Andrew Russell
RCG Mortgage
In 2023, the mortgage business will be steadier than 2022 when buyers were waiting to see what the Federal Reserve would do regarding interest rates. The real estate market will see growth, prices will stabilize and unlike others, I do not forecast a downturn. Refinancing of homes will come back slightly but not at the levels that we saw during the pandemic.
Alternative and new products will take hold. Products, coupled with reverse mortgages will bridge the gap to the missing refinance business. It is likely that we will see some larger mortgage companies merge or close early next year. These companies are not lean or nimble enough to survive with tighter margins and higher rates.
For RCG Mortgage, our business plan continues to be building relationships with our local real estate partners. We recognize that it is critically important to bring value to the real estate community. Realtors are suffering and we are doubling down on our efforts to support them, work with them and provide them with the tools they need to survive and thrive.
For RCG Mortgage, 2023 will be our most successful year.
Lauren Brandt Schloss
Executive Director
Usdan Summer Camp for the Arts
During times of societal upheaval, like now, the arts become critical, especially for young people, and most particularly for young people who identify as artists.
The great philanthropist Aggie Gund often says, the arts are what makes us human. Having the ability – as well as the space — to express yourself as you are and to make sense of the shifting world through the arts is meaningful, powerful, and transformational for young people.
In times of monumental change, creative solutions become even more important for the future of society. Therefore, in arts education, what we are seeing is a renewed emphasis on the importance of teaching for creativity and teaching for problem solving.
At Usdan, we believe that by providing artistic opportunities to more than a thousand young people each summer, we are actually helping to create a better future.
And this cannot just be for the well-to-do. Usdan, as a nonprofit camp, needs to be able to support all children, including children from lower income families by providing scholarships so they too have a creative outlet.
Joe Tedesco
President & CEO
Ocean Financial Federal Credit Union
Over the next year, we anticipate changes in interest rates that could adversely affect Long Islanders and their financial fitness. With the price of a home going up and the cost of borrowing moving in the same direction, fewer people will be lining up for mortgages and home equity loans. The same will go for maintaining credit card balances, borrowing for college and other “life events,” and so peoples’ financial journeys may be temporarily paused or need to change. On a positive note, we anticipate higher saving rates for those with long-term saving plans. Regardless, those with a strong budget and a commitment to their financial health will prevail. We will continue to keep our members’ financial well-being at the heart of all we do.
Howard Greenberg
Managing Attorney
Law Offices of Howard E. Greenberg
As a business lawyer in practice since 1985, I along with my clients have seen the ups and downs of the economy and the effect on us all.
2022 was a rebuilding year as many businesses got back to what they do best– automobile dealers sold and serviced cars (despite the chip shortages); realtors sold houses; mortgage representatives closed loans (even with the recent rate increases); title companies provided searches (despite the computer glitches in Suffolk County); restaurants re-opened and served meals; contractors built and re-built buildings; landscapers designed and planted; accountants provided advise (despite ever changing rules and regulations); doctors, dentists, nurses and healthcare providers stayed the course and never wavered.
A complaint I hear from clients is finding skilled labor at reasonable cost. Many people seemingly desire not to work on premises and that is taking a toll on service industries that rely on in-person performance. Most jobs cannot be done via Zoom.
Much of this work over the past two years was done and will continue to be done because we on Long Island and throughout the country are resilient and forward-thinking. I am truly optimistic about 2023 and even with a politically divided country and electorate—what most people care about is doing the right thing for their families and businesses.
Walter Stockton
President and CEO
It is estimated that nonprofits devote 25-40% of revenue toward administrative and operational expenses. Like many industries, nonprofits also struggle to recruit and retain employees for both direct care and specialized areas like accounting, compliance, IT, HR, logistics, and procurement.
2022 was a milestone year for the seven local nonprofits that are now served by Kinexion, a management service organization (MSO) that provides the administrative backbone for these organizations, all of which support individuals with development disabilities. By leveraging the purchasing power of a large entity, Kinexion agencies significantly reduce costs, while freeing up resources that can be better utilized toward the mission of providing services that enhance the purpose and well-being of the people we support.
This financial stability particularly helps nonprofits who suffered during the COVID-19 pandemic and continue to experience fundraising challenges given today’s economic climate. This infrastructure will be essential for Kinexion agencies as we enter 2023 facing ongoing inflation and staffing shortages.
Working under one network allows Kinexion agencies to daily allocate staff to where and it’s most needed.
This shift in nonprofits administration may be the lifeline that enables nonprofits to continue to provide essential services for their constituents.
Shinya Fukuda
Vice President and General Manager, Corporate Planning
Canon U.S.A.
2023 will focus on discovering innovative ways to help solve tangible needs—professionally and personally. Hybrid work is here to stay, but attention has shifted to the technology being implemented to foster flexibility and collaboration. As the head of the Canon Innovation Center, we support seeing new ideas come to fruition based on forecasting future market demands.
Technological upgrades need to accommodate how easily it integrates into users’ lives. That was the impetus for our AMLOS software-and-camera product suite, designed to support modern hybrid meetings. It provides an intuitive experience for in-person and remote participants, promoting collaboration.
We also expect to see more virtual and mixed reality technology use. VR technology, like our Kokomo platform currently in development, is being designed to help make it possible for users to congregate, travel and communicate regardless of where they are physically located. Mixed reality technology, like our MREAL solution, could significantly enhance education, medicine and entertainment.
2023 will also mean expanding technology to bring live entertainment directly to the viewer. Solutions like our Free Viewpoint Video System integrate cutting-edge optical and sensor technologies to create a realistic, immersive experience that makes the user feel like they’re really there.
There is no reason for people to be constrained by proximity. Interaction is essential for personal relationships and professional expansion, and we’re excited about the possibilities.
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