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CMM Announces Three Senior-Level Promotions

Posted: January 11th, 2023

Campolo, Middleton & McCormick, LLP is delighted to announce that Lauren Kanter-Lawrence and Nancy Conte have been promoted to Vice Presidents and Kathleen DiLieto has been promoted to Controller, effective January 1, 2023. These senior-level promotions highlight the firm’s role as a destination for top talent in professional services.

As Vice President, Lauren Kanter-Lawrence, Esq. is responsible for CMM’s recruitment, training, marketing and communications, and business development efforts. She creates and implements programs that support the development and retention of the firm’s professionals, spearheads all staffing and talent matters, and oversees CMM’s in-house training programs. She also works closely with the Managing Partner on critical economic development initiatives to help Long Island grow. A graduate of Cornell University and Pace Law School, she joined the firm in 2008 as an attorney and has served as Director of Communications and Talent.

Nancy Conte has been promoted to Vice President of the Strata Alliance, a first-of-its-kind service that manages, connects, and aligns professional service providers working together for business owners and high-net-worth families. She plays a critical role in ensuring that clients have access to premier service providers covering all their needs. Bringing significant operational experience to her new role, Conte ensures that Strata has the resources to provide a superior client experience. In addition to her work with Strata, Conte also oversees the operations at CMM and other strategic business partners. She graduated from Stony Brook University and previously served as Strata’s Director of Operations.

Kathleen DiLieto, CPA, has been promoted from Assistant Controller to Controller. Now head of the accounting department, DiLieto is responsible for all financial reporting, budgeting and forecasting, general accounting, cash and treasury management, internal control assessments, accounts receivable and accounts payable. A CPA with her Accounting degree from St. Joseph’s College, DiLieto has over 20 years of experience in both public accounting and private industry. Her public and private sector experience enables her to analyze issues from all critical angles and work with firm leadership to effectively plan for the future.

Please join us in congratulating them!

CMM’s Arthur Yermash Highlighted in LIBN Who’s Who: Commercial & Residential Real Estate Law

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Arthur Yermash is a partner at Campolo, Middleton & McCormick, LLP (CMM), where he leads the firm’s commercial leasing practice. Arthur was selected as one of only thirteen attorneys to be featured in LIBN’s Who’s Who Commercial & Real Estate Law special edition publication.

Yermash developed the strategy for the renegotiation of nearly 1,000 commercial leases nationwide for a major retailer in the early days of the pandemic, a critical hands-on role that ultimately saved the client significant money and gave them the ability to adapt their business plan for unprecedented circumstances. This tenant-side work, coupled with his experience negotiating a wide range of commercial leasing transactions on behalf of landlords, enables Yermash to negotiate creative and effective solutions to lease disputes.

Yermash’s leasing work spans office leases, ground leases, master leases, sub-leases, triple-net leases, and sale-lease-back throughout Long Island, New York City, and throughout the country. He also helps clients navigate the purchase and sale of commercial real estate throughout the region.

“One of the biggest concerns about commercial real estate for 2023 is the expected continued growth of interest rates,” Yermash said.

“Many buyers, sellers and developers rely on financing for acquisition and development projects,” he said. “As interest rates increase, so do the costs of property and construction. While this may result in lower prices on commercial real estate, the great cost of financing is likely to have a cooling effect on property changing hands, as well as the number of development projects that take place.”

“While some indicators suggest that the speed at which interest rate increase could slow in 2023, it is critical to keep a close eye on how this develops,” Yermash said.

For over a decade, Yermash has also worked with CMM’s corporate department directly supporting the general counsel and full legal and business teams for a national retailer, serving as their go-to resource and primary outside counsel on an extraordinarily wide range of business and employment matters. He has also represented Long Island and NYC companies in countless business-related matters and transactions from the routine to the complex. These roles have enabled Yermash to develop deep experience advising corporate clients on all aspects of their businesses.

View the full Who’s Who book here.

2023 Changes to New York State Paid Family Leave

Posted: December 27th, 2022

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Beginning January 1, 2023, the amount of weekly benefits and eligible family members under the New York State Paid Family Leave Act (PFLA) will change.  The PFLA, which took effect in 2018, provides eligible employees with up to 12 weeks of job-protected, paid time off to bond with a child, care for a sick family member, or assist family when a service member is deployed abroad. The time can be taken all at once or in increments of full days.

Currently, the list of family members for whom eligible workers can take Paid Family Leave to care for includes spouses, domestic partners, children, step-children, parents, step-parents, parent-in-laws, grandparents, and grandchildren. These family members can live outside of New York State, and even outside of the country. Under the new changes, this list will be expanded to include biological siblings, adopted siblings, stepsiblings, and half-siblings.

Employees taking Paid Family Leave receive 67% of their average weekly wage, up to a cap of 67% of the current New York State Average Weekly Wage (NYSAWW). For 2023, the NYSAWW is $1,688.19, which means the maximum weekly benefit is $1,131.08. This is $62.72 more than the maximum weekly benefit for 2022.

New York State Paid Family Leave is essentially a type of insurance that may be funded by employees through payroll deductions. Although benefits are expanding to cover more family members this upcoming year, the contribution rate has gone down. For 2023, employees will contribute 0.455% of their gross wages per pay period. The maximum annual contribution for 2023 is $399.43, being $24.28 less than 2022. Employees earning less than the current NYSAWW of $1,688.19 will contribute less than the annual cap of $399.43, consistent with their actual wages.

Employers should confirm their 2023 Paid Family Leave premiums with their insurance carriers and coordinate with their payroll providers to make sure that the 2023 payroll will include the correct contribution rates.  Written employment policy documents will also need to be updated if they include the specific PFLA benefit or deduction levels.

If you have questions about the PFLA, please contact us.

The information contained in this article is provided for informational purposes only and is not and should not be construed as legal advice on any subject matter. The firm provides legal advice and other services only to persons or entities with which it has established an attorney-client relationship.

Vincent Costa and David Green Named CMM Partners

Posted: December 19th, 2022

Campolo, Middleton & McCormick, LLP is delighted to announce that attorneys Vincent Costa and David Green have been elevated to Partners at the firm, effective January 1, 2023.

Vincent Costa is a corporate lawyer with a focus on complex M&A transactions. Working with large corporations and high-net-worth individuals, he has closed countless M&A deals worth billions of dollars. He has successfully negotiated and led the CMM team on a variety of complex corporate matters including business divorces, buy-side and sell-side mergers and acquisitions (asset and stock purchases and sales), and financings, with particular experience in the healthcare, retail, construction, manufacturing, and technology sectors. Serving as the liaison among all the advisors and professional service providers involved in a deal, Costa has an eye for seeing how all the puzzle pieces fit together. By collaborating with clients’ teams of financial advisors, accountants, and M&A advisors, he works to achieve a smooth transaction for the benefit of the client.

Costa joined CMM in 2014 and worked his way up to Associate and Senior Associate before being named Partner. He graduated from Stony Brook University and Touro College – Jacob D. Fuchsberg Law Center. He lives in Sayville with his wife and two young sons.  

David Green, based in our Westbury office, represents all types of businesses and individuals in various areas of litigation. He achieves results for his clients by utilizing all available legal strategies to help them navigate a complicated legal system. Green has spent many years in courthouses successfully fighting for his clients. His experience includes complex discovery, trials, appeals, securing settlements, and alternative dispute resolution. His unique background allows him to successfully represent companies and individuals in a wide range of industries including technology, publishing, fashion, import/export, construction and development, education, transportation, and healthcare. Green’s experience inside and outside the courtroom allows him to craft creative and effective solutions that help his clients save critical time and resources.

Also a Trustee of the Sea Cliff Village Library, Green joined CMM in 2018 as an Associate.  He was promoted to Senior Associate in 2020 before being named Partner. He graduated from the University of Delaware and the University of Miami, School of Law. Green lives in Sea Cliff with his wife and three sons.

Costa and Green’s elevation to Partner is a milestone professional achievement for them and the firm. We are so pleased to congratulate them!

CMM Closes Sale of Northeast Aero Compressor to Leading Designer of Aerospace Parts and Repair Services

Posted: December 2nd, 2022

Even in the post-Grumman era, Long Island continues to be a world leader in the aerospace industry. Campolo, Middleton & McCormick represents several clients in this space and has guided them all the way through from when they launched their businesses through landing very lucrative and successful exits. CMM recently facilitated a multi-million-dollar stock purchase transaction for our client Northeast Aero Compressor (NEACO), a leading aerospace repair business. The acquisition was made by Jet Parts Engineering, a leading designer of proprietary OEM-alternative parts and repair services for the commercial aerospace industry and a portfolio company of Vance Street Capital.

CMM’s Donald Rassiger led the transaction team with significant support from Vincent Costa and paralegal Cailey McByrne. The team worked with Managing Partner Alan Sasserath of Sasserath & Co. CPAs to close the deal.

View the press release below or here.

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JET PARTS ENGINEERING ACQUIRES NORTHEAST AERO COMPRESSOR
November 30, 2022 | Source: Jet Parts Engineering

Seattle, WA – Jet Parts Engineering (JPE), a leading PMA parts and engineered repairs provider, today announced the acquisition of Northeast Aero Compressor (NEACO), a certified 145 repair station and industry leader specializing in the maintenance of complex pneumatic, hydraulic, fuel, and electro-mechanical systems while incorporating DER repair and PMA capabilities.

The acquisition of NEACO by JPE creates a diversified leader in PMA parts, DER repairs, and component repair/overhaul capabilities to offer a broad array of aftermarket services to their commercial, cargo, regional and military aircraft customers. JPE plans to invest significantly in NEACO’s Bohemia, NY facility to expand their technical resources and meet high market demands for aftermarket repairs.

“Jet Parts Engineering is thrilled to partner with NEACO and continue to deliver high quality solutions in the aftermarket. Linda and Mike Gibson have built a terrific team,” said Anu Goel, CEO of Jet Parts Engineering. “NEACO is a huge opportunity to add a highly complementary portfolio of component repairs to our existing PMA and DER offerings.”

NEACO was founded in 1989 with the mission of becoming a preeminent aerospace industry leader. For over three decades, NEACO has remained dedicated to continually building a knowledge base and new aviation capabilities. The team at NEACO have rigorously reviewed and audited their procedures over the years, ensuring their fast and accurate service exceeds the expectations set by their customers and the FAA.

The transaction was overseen by Vance Street Capital, a middle-market private equity firm focused on investing in highly engineered solutions businesses across the aerospace and defense, industrial, and medical markets. JPE is a Vance Street Capital portfolio company.

“The Gibson family built a valuable business founded on the principles that Vance Street prioritizes in all investments: customer-first attitude, high quality standards and humility,” said Nic Janneck, Partner at Vance Street. “We are excited to continue to support the JPE team on their fourth add-on under Vance Street ownership.”

Campolo Moderates HIA-LI Annual Meeting & Legislative Program

Posted: November 30th, 2022

Event Date: January 13th, 2023

Joe Campolo will moderate the HIA-LI 45th Annual Meeting and Legislative Program on Friday, January 13, 2023. The event will be held at The Radisson Hotel in Hauppauge from 8:00am – 10:30am. Hear from your local and state representatives while you learn about Long Island business initiatives and the 2023 economic forecast.

Click here for more information and to register for the event.

CMM Represents Pure Property Group LLC in its Acquisition of a Property Management Division of a Long Island Business

Posted: November 21st, 2022

Congratulations to our client Pure Property Group LLC! CMM recently guided the company through its purchase of the property management division of a South Fork business. PPG manages residential properties on Long Island’s East End, and this acquisition provides the company with new clients as well as a platform for their further growth in the area.

CMM’s Don Rassiger and Vincent Costa efficiently handled the deal, illustrating CMM’s ability to successfully close deals large and small across a wide range of industries. Learn more here about CMM’s Mergers and Acquisitions practice.

2023 Changes to Minimum Wage and Overtime Exempt Salary Threshold

Posted: November 14th, 2022

As the end of the year approaches, it is important to remind New York State employers and employees of the increased minimum wages that affect both hourly and salaried employees.

For hourly, non-exempt workers, please see the chart below for basic hourly minimum wage increases that go into effect as of December 31, 2022:

Minimum Wage Increase

Geographic Location/Increase from 20222023 Rate
NYC$15.00 per hour (no change)
Nassau, Suffolk, & Westchester$15.00 per hour (no change)
Remainder of New York State$14.20 per hour

To the extent your business pays basic minimum wage, it is important to make sure that the increased wages are reflected as of December 31, 2022.

Tip Credit

New York State also allows employers in certain industries to satisfy the minimum wage by combining a cash wage paid by the employer plus a credit for tips the employee receives from customers. The minimum hourly rates New York employers must pay most tipped employees go into effect as of December 31, 2022:

Service Employees

Geographic Location 2023 Rate/Tip Credit
NYC$12.50 / $2.50 (no change)
Nassau, Suffolk, & Westchester$12.50 / $2.50 (no change)
Remainder of New York State$11.85/ $2.35

Food Service Employees

Geographic Location 2023 Rate/Tip Credit
NYC$10.00 / $5.00 (no change)
Nassau, Suffolk, & Westchester$10.00 / $5.00 (no change)
Remainder of New York State$9.45/ $4.75

The “tip credit” rules can be difficult to follow, so it is important to track this information to ensure that tipped employees are receiving at least basic minimum wage, inclusive of tips, when calculating wages.

Increased Salary Threshold for Overtime Exemption

Finally, there are increases in the minimum salary threshold that must be met for exempt employees. As of December 31, 2022, the following minimum salaries must be paid for exempt administrative and executive employees:

Geographic Location 2023 Salary Threshold
NYC$1,125.00 per week ($58,500.00 annually) (no change)
Nassau, Suffolk, & Westchester$1,125.00 per week ($58,500.00 annually) (no change)
Remainder of New York State$1,064.25 per week ($55,341.00 annually)

With the upcoming changes, it is important to update policies and pay practices to stay in compliance.  If you have a question about minimum wage, overtime, or wage and hour exemptions, please contact us or call (631) 738-9100.

The information contained in this article is provided for informational purposes only and is not and should not be construed as legal advice on any subject matter. The firm provides legal advice and other services only to persons or entities with which it has established an attorney-client relationship.