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This profile was last updated on 6/20/13  and contains information from public web pages and contributions from the ZoomInfo community.

Mr. Albert L. Salvatico

Wrong Albert L. Salvatico?

Owner

Local Address: Garden City, New York, United States
Jaral Properties
 
Background

Employment History

  • President
    Jaral Properties
10 Total References
Web References
Construction of the Staybridge Suites ...
www.camardarealtyinvestments.com, 25 Feb 2009 [cached]
Construction of the Staybridge Suites complex with 123 rooms plus a banquet hall, though, isn't expected to begin in the spring and might be done in phases rather than all at once, said Albert L. Salvatico, president of Jaral Properties on Long Island.
"We're moving forward in our planning," he said, strongly emphasizing the word "planning. "We want to keep things going with the Putnam County agencies, and that is where we are at this point."
Salvatico said construction might begin with the hotel rooms first, followed by the restaurant and catering facility later on. He said he didn't have a start date in mind and had not closed on the construction financing.
"We're dealing with a tough economy, and things are going slower than we had wanted," he said.
The closing with the IDA was postponed twice, most recently on Friday.
In October, Salvatico said that he couldn't guarantee the hotel would happen and wrote to the IDA that the project was on hold. In June, he had said high oil costs and other economic factors would stall - and possibly change or eliminate - some of the more expensive aspects of the construction, such as a stone facade and grand entrance portico.
Salvatico now says he wants to keep IDA incentives on the table, and Jaral is completing some construction work on the 12-acre site off Route 6 near the Carmel-Southeast border. Jaral's crews have extended water an sewer lines into the parcel, since areas were already excavated for a rough roadway and basic connections.
Salvatico has said that so far he has invested at least $3 million in what would be Putnam's first hotel - $2 million to purchase the land and $1 million for engineering and planning costs. He said he anticipates it would take about $23 million to construct the suite-style hotel and he has been discussing a loan with Mahopac National Bank.
Lie No. 2 - Although job ...
www.putopenspaces.com, 19 Dec 2007 [cached]
Lie No. 2 - Although job generation has been on the Camarda spin list, a defensive Albert Salvatico of Jaral Properties evaded the issues of union construction jobs, salaries, number of executive-level positions and hotel staffing needs.
Albert Salvatico, president ...
www.midhudsoncentral.com, 30 Oct 2008 [cached]
Albert Salvatico, president of Jaral Properties, the Long Island based firm working with Camarda to build the hotel, estimated that his company had spent "millions of dollars" on the project "with no clear idea of when we might move forward. We have been frustrated at the fact that while we waited for approvals and litigation to be decided, we watched a great economy and credit liquidity that lasted from 2003 to the first half of 2007 completely disappear."
Salvatico noted that his company has "no plans to build anything than a hotel based on the approved application.
Albert Salvatico, ...
www.thejournalnews.com, 18 July 2007 [cached]
Albert Salvatico, Jaral's managing partner, met with the IDA in Carmel nearly a year ago and said he expects to complete his application with the agency once building approvals are in hand.The town of Carmel and the Brewster school district would be required to approve any tax reductions before a final offer is presented to an applicant.The current school tax, the bulk of any property tax bill, on the portion of the land where the hotel would be built was $8,500 in 2006.The land is assessed as vacant industrial.
"The economics of the project are predicated on an IDA incentive," Salvatico said yesterday.He said he worked with Long Island-based agencies on nearly identical incentives when building hotels in Riverhead and Garden City.
The Carmel hotel is planned as a four-story, 23-room structure fronting Route 6.Salvatico said it would cost at least $1 million more in upgrades over a traditional Staybridge design for a stone facade, entrance portico and decorative cupola on the roof.
"People need to see something visible ...
www.thejournalnews.com, 18 May 2007 [cached]
"People need to see something visible - brick samples, a color scheme and designs," said Albert Salvatico of Jaral Properties Inc., a family-owned business in Garden City that would build and operate the hotel.
...
In addition to Albert Salvatico and his brother Louis, the team includes Angelo Francis Corva, an architect from Manhasset, who will design the four-story, 123-room suite accommodation with a conference-banquet room.
...
"People who live here care, and we care, too," Albert Salvatico said.Taking community criticism and adapting plans are part of the process, he said.
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