BRONX, NY-A 9.5-acre industrial site that used to be home to Loral Electronics Corp. and Lockheed Martin Corp. has been sold to a Long Island-based developer for $16.5 million. NAI Friedland Realty brokered the deal.
Lighthouse Real Estate Ventures of West Hempstead acquired the property at 825 Bronx River Ave. in the South Bronx from Abraham Leser, a private investor based in Brooklyn. Tony Lembeck of NAI Friedland Realty's industrial division says the property contains a vacant 86,000-sf building. He says the new owner has the opportunity to develop as much as 440,000 sf. The property is currently zoned M-1 (industrial). He says the new ownership is looking to lease out the building and is hoping to net lease the land or do a built-to-suit to a big box user or a major industrial/distribution firm.
The property had been occupied by Loral Electronics and later by Lockheed Martin after it acquired Loral. Leser bought the property eight years ago and had some of his affiliated companies occupy part of the 86,000-sf building. The site was one of the largest available industrial sites in the Bronx, Lembeck says. Last year a portion of the property was partitioned off to create a new New York City public high school in an 80,000-sf industrial building.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.