There are very few industrial plots of this size in New York City, with the site available for sale, build-to-suit or net lease transactions, Bill Jordan, a CBRE vice president, representing the landlord, tells GlobeSt.com. He, along with CBRE senior vice president John Reinertsen, is currently in discussions with several tenants and purchasers for site, which is the former Loral Electronics defense contractor plant.
This site, zoned M1-1 also known as light industrial, is located in the Soundview section of the Bronx. It has an asking price of $50 million--$113 per sf--however Jordan tells GlobeSt.com that on the leasing side of things, the price depends on the transaction. "Lighthouse is willing to make a deal that would suit a particular user, whether it is build-to-suit or net-lease," he says. "Lighthouse is going to be creative."
Jordan says that he expects to see bids from developers and users of almost all different types for the site, which Lighthouse purchased in June of 2007. He points to a few possibilities for the site, including: limited retailers; hotels; school locations; and a "wide variety of other uses." He explains that the site is one of the largest pieces of vacant land here, has great visibility, and minutes from the Bruckner Expressway as well as the Cross Bronx Expressway and the Major Deegan Expressway, which provide access to multiple bridges including the George Washington Bridge, Throgs Neck Bridge, Whitestone Bridge, Triboro Bridge as well as the Third Avenue and Willis Avenue Bridges into Manhattan.
Access to all of this infrastructure provides the location with easy access to the five boroughs of the City of New York; Westchester, Putnam, Orange, Rockland Counties to the north; western counties of Connecticut; and Nassau and Suffolk Counties on Long Island to the south, Jordan says.
Jeffrey Ravetz, a principal at Lighthouse, tells GlobeSt.com that it is open to all possibilities, adding that it would be willing to consider any deal that comes along. He further notes that Lighthouse would be willing to develop the site for a particular user.
Ravetz explains that the site has a roughly 80,000-sf building that had been there since the late 1950s and has gone through a couple of users, however, he notes that it is in the process of being demolished, which will conclude "almost any day now."
Approximately 90% of the land is currently vacant. The building--being demolished--was in poor condition and not suitable for a lot of users, according to Jordan, which was the reasoning behind tearing it down.
Ravetz says he expects that potential buyers will include anyone who needs access to major commercial markets. He explains that there is no set bid date at this time because of the complications of marketing the land in many ways.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
