October 20, 2021
Real Estate

Real estate firm sells Hicksville industrial site for 10 times its investment

One of the last large tracts of industrial property in Nassau County sold to a global asset management firm for more than 10 times the price paid for the 15-acre site less than four years ago.

Brookfield Asset Management spent $45 million on the Hicksville property, sources familiar with the sale said. Brookfield’s real estate fund plans to build a 300,000-square-foot warehouse distribution hub.

The deal was announced Monday by the seller, Simone Development Companies, a Bronx-based real estate investment firm that paid $4.42 million for the land in December 2017, according to a deed.

Finding a large property in Nassau County that can be used for industrial work without zoning changes is quite a feat,…

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