A Long Island Business News article recently announced that Axonic Capital, in collaboration with partners Taconic Capital Advisors, Onyx Equitie and Paul Amoruso of Oxford and Simpson, is leading a transformative project reshaping Long Island. The ongoing demolition of the former CA headquarters in Islandia signifies the first step in an ambitious plan to introduce 980,000 square feet of modern warehousing and distribution space across eight buildings, marking one of the largest speculative industrial developments on Long Island.
This historic shift in ownership, initiated in October 2021, saw Axonic Capital acquiring the $165.6 million commercial mortgage-backed securities (CMBS) note on the Islandia property. According to the publication, the subsequent “friendly” foreclosure paved the way for a visionary project on the sprawling 72-acre property. As a nod to continuity, one of the principals, Paul Amoruso, holds a significant historical connection, having facilitated the sale of the original Islandia in 1989.