440,000-SF Vacant Plot Hits Market

BRONX, NY-West Hempstead, NY-based Lighthouse Real Estate Ventures Inc. is selling a 440,000-sf plot of vacant land zoned for industrial or retail use at 825 Bronx River Ave. CB Richard Ellis, who is representing Lighthouse, expects to generate a lot of interest based on the seller’s flexibility to entertain multiple strategies for the approximately 10-acre site.

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.”