Huntington Townhouse Sold - $35,000,000

[The Warrior Monk]

The Huntington Townhouse property is regarded as a prize among national retailers, perched as it is in the heart of a very tight and vibrant retail corridor, real estate insiders say.

Now Lowe's is about to take the prize.

The national home improvement chain is expected to close on a $35-million deal to acquire the Huntington Townhouse's 17.5-acre property, according to sources with knowledge of the plans. The legendary catering hall will be razed to make way for a Lowe's store.

http://www.newsday.com/business/ny-bztown0206,0,6332630.story?coll=ny-top-headlines

 

[Claude From NY]

I knew the place would be leveled the moment I stepped foot in there for my my wedding reception.

But seriously folks, more retail? Another national retailer? Does everything in Huntington need to get paved over for parking lots and massive monuments to retail, I thought a nice townhouse condo project would have been in the works.

 

[The Warrior Monk]

I knew the place would be leveled the moment I stepped foot in there for my my wedding reception.

Along the same lines...my exwife and I met at the Kentucky Fried Chicken in Patchogue. They tore the old building down in January 1998...the same month she left me!

But seriously folks, more retail? Another national retailer? Does everything in Huntington need to get paved over for parking lots and massive monuments to retail, I thought a nice townhouse condo project would have been in the works.

It is getting ridiculous, especially with the home improvement stores. I have a Home Depot, True Value (Smitty's; also a lumberyard), and Sears Hardware close to me. And the Mastic Lumberyard only shut down 2-3 years ago. In Patchogue, where I used to live, there are two Home Depots, plus one Lowe's down the street in Medford.

I didn't realize that Huntington Townhouse property was so big. I would imagine that there will be more than a Lowe's on that property.

 

[Daystar]

Not very good use of that property, I can't even imagine how you are going to access Jericho Turnpike, traffic is a problem now , what is it going to be like when Lowes opens, I agree with Claude, Townhouses would be great, however the developer pulled out of that deal.

 

[Fred]

So it's a land sale.
$35 mil for 17.5 ac or $2 mil per acre or $46 per sf.

 

[Kevin Mc]

Hmmm.....

So it's a land sale.
$35 mil for 17.5 ac or $2 mil per acre or $46 per sf.

considering the location, that sounds reasonable. I agree with Joe, there will be more there than just a Lowes.

 

[Fred]

considering the location, that sounds reasonable.

Wouldn't know. But I couldn't help noticing how nice and round the PPA was and didn't think it was an accident.

 

[ginna currie]

I remeber the Huntington Townhouse from the 1970's and that chandelier--I had always wanted to have my reception there.

The Lowe's radio ad says "there's a new Lowe's in your neighborhood..."
I guess whereever there is a Home Depot, Lowe's is soon to follow. A new Home Depot is going up on Archer Avenue in Jamaica...as least there is now some diversification of the comemercial base other than multiple duplication of clothes stores and hair and nail salons.

 

[Fred]

Speaking of Jamaica
In Brooklyn, $1.3 billion for 5,881 unit Starret City complex
That's $221,000 per apartment.

http://www.nytimes.com/2007/02/08/n...1170968556-tCrg6Bufaf3YBpr3QfQ9YQ&oref=slogin

 

[KenRossman]

I disagree about the potential use. Maybe 3-5 years ago townhouses might have been a serious option, but not in today's environment. Very doubtful the Town would have allowed sufficient density to make such a project viable at the kind of number needed. The recent/current soft residential market put the final nail in the coffin. On the other hand, for Lowes, the site is perfect - Huntington is a sweet market for them with likely great potential retail traffic and little real heads up competition. Lowes paid 16.6M in 2000/2001 for their (off the beaten path) Garden City Site (11.3 acres) - try to get a decent parking space at that site ever. Also, If I remember correctly, the Huntington Site is partly unusable with a sizable hill at the rear - It wouldn't suprise me if they used the entire site for themselves.