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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.”

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.

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