Bank expected to sell old Grumman parcel
Part of the former Grumman plant in Bethpage is expected to go up for sale or lease after Bank of America took back the property in a $25.5-million foreclosure judgment.
The owner investors, primarily the Kalmon Dolgin Affiliates, a Brooklyn-based real estate and investment firm, bought the 22-acre Grumman Road West parcel in 2005 for more than $24 million, Nassau records show.
In October, a Nassau state court justice ruled that the bank was owed $25.5 million and issued a foreclosure judgment, said Long Island Profiles, a real estate data provider. When no one bid on the property in an auction in November, the bank was given possession, court records show.
A warehouse is on the site, zoned commercial and industrial. Grumman still leases space for support staff, but one broker said much of the warehouse and offices have no tenants.
Other businesses remaining there include a trucking firm, bird house maker and wholesaler, but the absence of an anchor tenant is a problem.
"It's a distressed building, probably 50 percent vacant, and the cash flow couldn't support the mortgage payments," said Brian Lee, a principal at commercial brokerage Newmark Knight Frank in Melville.
A representative of Kalmon Dolgin Affiliates declined to comment. The transaction was listed Friday on The Long Island Real Estate Report.
'It's depressing, it's frustrating' A Newsday investigation revealed that Grumman Aerospace knew toxic chemicals were leaking into the ground in Bethpage. Newsday Associate Editor Paul LaRocco and Deputy Editor David Schwartz explain.
'It's depressing, it's frustrating' A Newsday investigation revealed that Grumman Aerospace knew toxic chemicals were leaking into the ground in Bethpage. Newsday Associate Editor Paul LaRocco and Deputy Editor David Schwartz explain.
