California-based developer SunCal, a longtime partner of the now-defunct investment bank Lehman Brothers, bought a former General Motors assembly plant in Westchester County and a vacant Oakland, Calif., naval hospital. Combined, the two sites are valued at $1 billion.
SunCal, in a joint venture with Diversified Realty Advisors, wants to convert the GM-owned parcel in Sleepy Hollow, N.Y., into a 1,177-apartment complex. The 170,000-square-foot commercial component would include offices, a hotel and retail space. The plant has sat empty for more than 15 years. [more]