Dec. 2, 2013 By Christian Murray
The green dilapidated warehouse located at 45-40 Vernon Blvd was bought by a real estate company last month for a whopping $14.7 million, according to real estate records.
The building–as first reported by Real Deal— was acquired by Simon Development Group, a Manhattan-based developer of high-rise residential units. The new owner has not said what is planned for the property.
The property was previously owned by local investors Richard Wissak and Jerry Nazari, who acquired it for $3.3 million in 2011.
The building was historically used as a paint factory.
there were plans some years back to built a club/entertainment complex on this lot before the owner passed away I think.
Maybe somebody with more knowledge can dig the story out.
@LIC Dude: maybe not.
I remember walking past that building years ago when I was a kid. The fumes from paints and solvents or whatever they were using in that building were really strong. Buyer beware.
Nice return on a two year investment.
They’ll have a lot of trouble cleaning up the old pollution from the paint factory before they’re allowed to build there.
Quick, paint it white before people push for it to get landmarked!
Goes? Already went.
There goes the neighborhhood!