For Steel Equities, a Powerful Partnership With Stony Brook Medicine Starts in an Unexpected Place
When Glenn and Joe Lostritto, the executives at the head of Steel Equities, walked into their newly-purchased building at 500 Commack Road, they found themselves faced with an unexpected question: what to do with millions of dollars in unused laboratory equipment and furniture that was part of their acquisition.
“They were in the middle of this huge renovation,” Glenn Lostritto said of the previous owners. “They ended up getting bought out by a larger company, and they basically stopped construction, just left everything on the floor, and just walked out of the whole construction project.”
As unexpected as the question was, the answer proved just as surprising, as it presented an unusual opportunity for the start of a long and productive partnership between a proud Long Island family and a distinguished Long Island institution that both take great pride in serving Long Island communities and families.
With Stony Brook Medicine establishing its Advanced Specialty Care facility in Commack building – to meet the growing healthcare needs of western Suffolk – the Lostrittos had a natural candidate to receive the unused equipment. Sure enough, it wasn’t long before the furniture and equipment was being put into use by Stony Brook’s world-class doctors and medical researchers and staff.
But that’s not where the story ends.
As they learned more about the University, and about Stony Brook Medicine, the Lostrittos found themselves becoming more and more involved. Steel Equities supports undergraduate scholarships at the University, and has donated to the new Stony Brook Children’s Hospital building fund, due to open in 2019.
“We’ve had a great relationship with the hospital,” Glenn Lostritto said. “We’ve worked with all the hospitals throughout Long Island, and we just have a really special bond with Stony Brook. They’ve been fantastic to work with. Our teams all work together. We’ve built over 150,000 square feet here [in Commack], and we’ve never had a dispute. It’s just been a great working relationship.”
On April 26, a tribute to that relationship was unveiled in the lobby of the Advanced Specialty Care facility. Patients arriving for treatment in one of more than 30 different specialties offered in Commack pass through the Angela Lucy Lostritto Advanced Specialty Care Atrium, named in honor of Glenn and Joe’s late mother.
“It just makes so proud whenever I walk in the lobby,” Glenn Lostritto said. “It makes me feel so good. It’s really special.”
“The Lostritto family and Steel Equities relationship has gone far beyond transactional for Stony Brook Medicine,” said Dexter Bailey, senior vice president for University Advancement. “We’ve become true partners and friends in service to our Long Island neighbors.”
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— Elliot Olshansky