LIFamilies.com - Long Island, NY


RSS
Articles Business Directory Blog Real Estate Community Forum Shop My Family Contests

Going, Going, Gone: The Selling Of A Long Island Landmark

2
vouches
 
 
Submitted by MiaB

It seems that another Long Island “landmark” is going to be torn down and replaced. That’s right, apparently, the Huntington Townhouse will soon join the ranks of other “local oldies” such as Paris New York, The OBI, and the amusement park along Sunrise.

According to reports the Townhouse, a once legendary catering hall and familiar landmark along both Route 110 and Jericho Turnpike, will be turned into another home improvement center. In fact, the deal with Lowe’s is supposed to close, tomorrow, Wednesday. And, all for a “mere” 35-million dollars.

But, ironically, this 17.5-acre property has caught the eye of several other national retailers such as Target, who’d love to use the space to expand their operations.

Still, the winner seems to be Lowe’s, the nation’s second largest home-improvement retailer who seriously and significantly bolstered its efforts last year to expand operations on Long Island. In fact, they currently have operating locations in several towns locally including Farmingdale, East Garden City, Bay Shore and Medford, with one under construction in Stony Brook and applications still in negotiation for locations in Hicksville, Syosset, Bayport and Rocky Point.

And, according to officials they are cutting into the business and profits of home-improvement retail “leader” Home Depot.

And, while the property was aggressively trying to be sold since last year, commercial realtors note that owner, Rhone Silver was asking 50-million, which they understood to mean between 20 and 50 million, but still to much for local commercial builders and better suited for national retail chains.

However, both Ms. Silver and her attorney negate rumors that the catering facility was on its way out for quite some time. This despite the fact that the facility began returning deposits for events booked far in advance.

And, the sale, while “predicted” by some came as a total “shock” to others, especially since Ms. Silver petitioned for a zoning change in November 2005 requesting accommodations for a 189-unit condominium complex. Prior to that she had petitioned for and been granted permission to convert the property to a hotel and spa.

Local News > Going, Going, Gone: The Selling Of A Long Island Landmark

Comments:  
0 comments
Add your comment:
New Businesses
Carleton Hall of East Islip
J&A Building Services
LaraMae Health Coaching
Sonic Wellness
Julbaby Photography LLC
Ideal Uniforms
Teresa Geraghty Photography
Camelot Dream Homes
Long Island Wedding Boutique
MB Febus- Rodan & Fields
Camp Harbor
Market America-Shop.com
ACM Basement Waterproofing
Travel Tom
Yoga Womb/ SECS talk

      Follow LIWeddings on Facebook

      Follow LIFamilies on Twitter
Long Island Bridal Shows