Brookfield Properties' 2021 purchase of a former Superfund site paved the way for its largest ground-up development in the Long Island, New York, market some 30 miles east of midtown Manhattan.
When Brookfield bought the 15-acre site at 125 New South Road in Hicksville, New York, which housed the former Hooker Chemical and Ruco Polymer state Superfund site, it had originally designed a two-building development before Brookfield later revised the plan to one building after the town of Oyster Bay, which Hicksville belongs to, increased minimum parking requirements. The change led to a two-year entitlement and approval process before the site plan was approved and Brookfield closed a payment-in-lieu-of-taxes, or PILOT, agreement with the Nassau County Industrial Development Agency in early 2023.
The project broke ground in July 2023 after it secured all necessary permits and approvals from Nassau County, the New York State Department of Environmental Conservation and the town of Oyster Bay before the Class A industrial property received a certificate of occupancy in November 2024.
While the annual industrial rent growth in Eastern Nassau, where the property sits, has slowed to about 3% since peaking at the growth of nearly 9% in the third quarter of 2022, the market asking rent per square foot in the area is still near a record high of about $21, according to CoStar data.
Brookfield expects the development, which has yet to be leased, to be attractive to a Class A, high-end industrial or warehouse user, or to be used as an e-commerce center.
The project won a 2025 CoStar Impact Award as judged by real estate professionals familiar with the market.
About the project: The 207,237-square-foot property includes 5,800 square feet of speculative office space split between a mezzanine office with an elevator, and a shipping office overlooking the truck court. This Class A industrial building has 36-foot clear height warehouse space, 37 dock positions, 38 trailer drops, 79 van parking locations, and 571 parking spaces. The property, featuring electric vehicle car charging stations and electrical and structural infrastructure to support future solar panel installation on the roof, also won Nassau County's first LEED Gold certification, a major environmental billing.
What the judges said: "The developer's swift adaptation to the municipality’s newly stated parking requirements reflects a strong commitment to transforming a long-vacant Nassau County Superfund site into a vibrant development that will positively impact the Hicksville marketplace," according to Adam Rochlin, owner, founder and principal of The Rochlin Organization.
"Navigating town codes, requirements and having the patience to see through a project of this magnitude is no easy feat," said Michael Murphy, president of brokerage Douglas Elliman's commercial division, adding that the development of a Class A LEED-certified warehouse of this size in Nassau is "impressive."
They made it happen: The Brookfield team included Vice President of Industrial Development Louis DiGiacomo and Executive Vice President of Industrial Tyler Mordas. Law firm Forchelli Deegan Terrana's Deputy Managing Partner Judy Lynn Simoncic and Partner John Gordon also worked on the project.
Other participants also included M+H Architects' Project Architect Brandon Eversgerd; Langan Engineering Senior Associate Chuck Utschig; and Roux Senior Geologist Lauren Dolginko. The team at Aurora Contractors included Senior Project Manager Hassan Salameh; Vice President of Construction Barney Rilley; and Superintendent Zachary Rouse.
CoStar market manager Morgan Markowitz contributed to this article.