Lowe’s edged out in Long Island
Lowe’s has lost a zoning battle to put a new store in East Hills, N.Y., on the North Shore of Long Island, according to an article in Newsday. Instead, the building will house a real estate investment firm.
Community opposition to the store, and the mayor’s refusal to back rezoning from light industrial to commercial, doomed the project, according to the article. A year after buying the property, Lowe's put it up for sale.
Steel Equities agreed last month to make a deal with the North Carolina home improvement retailer, which paid Pall Corp., a maker of filtration products, $40 million in 2008 for the land.
The contract price was not disclosed, but officials said the price for the 18-acre parcel was less than $40 million.