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Wrong Albert Salvatico?

Albert L. Salvatico


Jaral Properties

Direct Phone: (516) ***-****       

Email: a***@***.com

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Jaral Properties

Background Information

Web References (11 Total References)

Al Salvatico, class of 1968 ... [cached]

Al Salvatico, class of 1968 and president of Jaral Properties Inc., is chairman of the board of trustees. His donation in 2001 went to the building of the Salvatico Science Wing. A Bronx native, he said his parents emigrated from Italy and worked as tailors. The family didn't have much money, and his parents wanted better for their son.

"They could not project as to what opportunities existed out there," Salvatico said. "When I came to Hayes, it opened my eyes to possibilities."
He credits his alma mater for laying the foundation for his success by emphasizing respect and manners, along with morals, ethics and confidence. "When I went to Fordham, I was prepared for it," he said. "I have been very fortunate.

"Burt and his team are really ... [cached]

"Burt and his team are really dedicated people; we work very closely with them," said Albert Salvatico, president of Mineola-based Jaral Properties Inc., which plans to build a 120-room hotel by John Simpson Road and Fair Street in Carmel.

The Jaral hotel would fill a need, Salvatico said.
"We continue to work closely with the IDA - they're really good people," Salvatico said.
Tags: Albert Salvatico • Burt B. Houseworth • County IDA • development • Government • Kevin Bailey • Putnam

Camarda Realty Investments [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.

Albert Salvatico, president ... [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.

According to Albert ... [cached]

According to Albert Salvatico at Jaral Properties he is seeing this first hand."We have a local Four Diamond property where the guest rooms haven't been updated in 30 years and wireless internet is an unheard of concept," writes Salvatico.

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