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.
Lehman Brothers was the seller of the former U.S. Naval Medical Center, which has also gone unused for 15 years. [WSJ] — Mark Maurer