For Lowe’s in New York, the cost of opposition
In New York, Long Island Business News reported that Lowe’s took a bath on a real estate deal involving a proposed Long Island store.
According to the newspaper, the Mooresville, N.C.-based home center giant paid some $26 million for a piece of property formerly owned by Pall Corp. But it decided to sell when community opposition prevented a zoning change. According to the paper, Lowe’s recently sold it to St. Francis Hospital for about $16 million.
In another real estate deal on Long Island, Lowe’s is trying to unload a property it bought for $35 million in 2007 – the Long Island Huntington Town House catering hall, according to the article.