Chamber recognizes success and hope

The Valley Stream Chamber of Commerce honored the past and the future at its annual gala on Oct. 1 at the Inn at New Hyde Park. The Nassau Educators Federal Credit Union, which started in Valley Stream 71 years ago, and the Dennis Organization, developers of the Hawthorne Court condominium complex, received awards.

NEFCU was founded in 1938 as the Valley Stream Teacher’s Credit Union. A group of 10 local teachers put up $5 each to start the credit union, which today has more than $1 billion in assets and nine locations.

Frank DeMita, past president of the Chamber of Commerce, worked for NEFCU for 55 years and served as president and chairman. He presented the company with the Business Achievement Award. DeMita talked about how the group of founding teachers started the credit union in a classroom in Central High School. After moving around a few times, NEFCU settled into its first permanent location on East Merrick Road.

Dr. George Papaioannou, first vice chairman of the board of directors, accepted the award. He said that Valley Stream residents should be proud that such a successful business is a product of their hometown.

The staff of NEFCU is committed to offering high quality service, Papaioannou said, and that keeps people coming back. “The secret to our success is the loyalty of our members,” he said.

Papaioannou noted that the best career move he ever made was taking DeMita’s advice and joining the NEFCU staff. He also said the award belongs to the DeMita, too, who started working for the credit union in 1953. 

The future of Valley Stream

Hawthorne Court, the 90-unit condo building being constructed on Cottage Street, has been billed as “the new look” for Valley Stream since shovels first went into the ground more than two years ago. The complex is expected to open early next year.

Dennis Organization President Rick Dennis and Vice President Maurice Fox accepted the award. Dennis said when the old Inflight Newspapers property went up for sale, the company decided the location would be prime for redevelopment. “We saw a great opportunity to replace it with a class A condominium,” Dennis said.

The complex will include underground parking, a 14,000 square foot courtyard, fitness center and 24-hour doorman service. “Hawthorne Court is nothing like it in the area,” Fox said. He added that the building is so forward thinking, it was honored earlier this year by Vision Long Island.

Valley Stream is a great community, Fox said, but it can be better. The nearby downtown business district has taken a hit from larger shopping centers and malls in recent years. It is his hope that Hawthorne Court, situated just two blocks away, can provide a necessary boost to Rockaway Avenue.

Mayor Ed Cahill said that the project is part of the “renaissance of Rockaway Avenue.”

The Dennis Organization was presented the Business of the Year award by Chamber of Commerce board member Dan Rakow. He credited Dennis and Fox for being creative and taking a chance with this project. “They are trailblazers,” Rakow said of the pair. “Their vision of Valley Stream is changing the landscape.”