Newmark is pleased to announce it represented LESSO Group in the $92-million purchase of The Mall at the Source and adjacent Fortunoff Building at 1504 Old Country Road in Westbury, New York. Representing the largest Long Island transaction of 2017, the properties total over 720,000 square feet and are situated in the retail corridor of Nassau County; LESSO plans to convert its new property into a showroom and retail center for its household goods. Newmark Senior Managing Director Peter Rossi and Managing Director Dennis Karr represented the buyer in the transaction.
LESSO Group is a large, leading industrial group which manufactures and delivers high-quality home-building materials. The group’s products and services include plumbing products, sanitary ware, holistic kitchen products, PVC profile doors and windows, decorative plates, fire-fighting equipment and hygiene materials and more.
“LESSO was attracted to the properties because it provides the company an opportunity to upgrade and adapt a portion of the existing facility, rather than building from ground up,” said Karr on the buyer’s motivation for the purchase. “It can be difficult to amass a development area of this size in the Tri-State region that is so centrally located, with convenient highway access, a nearby train station and JFK and LaGuardia airports.”
The depressed assets were in receivership and comprise a 512,528-square-foot enclosed mall and a 210,798-square-foot anchor store formerly occupied by Fortunoff. The structure was built in 1997 and encompasses 38 acres in total. It is zoned for industrial, and features 3,838 total parking spaces, 2,813 of which are within a garage. The property is located within the “Nassau Hub,” which is a significant economic engine for Long Island’s Nassau County and includes the recently-renovated Nassau Coliseum as well as Hofstra University.
“This transaction is representative of Newmark’s growing Capital Markets capabilities in the Tri-State region,” added Rossi. “Dennis and I diligently educated LESSO on all potential sites in Northern New Jersey, all five New York City boroughs, Rockland County, Westchester County and Long Island. Through the collaboration of our New York and New Jersey Capital Markets teams, we were able to complete this complicated transaction involving a number of players on all sides of the deal.”
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
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