Brookfield Plans Logistics Center Near Nassau Coliseum on Long Island
Brookfield Properties has purchased an industrial site in Garden City, Long Island, for $13.3 million, with plans to build a logistics center, according to brokers involved in the deal.
The real estate investment firm closed on the deal yesterday for the 6.5-acre property located at 107 Charles Lindbergh Boulevard near Nassau Veterans Memorial Coliseum and Nassau Community College. It plans to demolish the existing low-slung office building and build a 100,000-square-foot warehouse and distribution center. The seller was Dr. Shahrokh Abiri, a Brooklyn-based radiologist.
Brookfield was able to “secure an [Industrial Development Agency abatement] and make this a very up-and-coming logistics center in an extremely well-located area,” said Yehuda Goltche of VCPRE, who represented the buyer and seller in the transaction with his partner, Itan Rahmani. He pointed out that the United Parcel Service (UPS) and United States Postal Service (USPS) both have large logistics centers nearby.
RXR Realty is also redeveloping 72 acres around the Nassau Coliseum into the Nassau Hub, a massive, mixed-use project with a 175,000-square-foot office building, 500 apartments, retail, a movie theater, a research and development center, and a performing arts venue. RXR expects to break ground on the project as early as next March, Newsday reported.
The Garden City purchase is just the latest deal in Brookfield’s big push to acquire industrial sites, both near New York City and nationwide. The real estate investment trust picked up a Bronx industrial facility last December for $28 million, and just this week, it acquired 15 acres in Somerset, N.J., for a new industrial building. Outside of the tri-state area, Brookfield last month paid $26 million for a logistics center in Doral, Fla.