NKF to Lease Redeveloped Mall in NY

By Corina Stef

1500 Old Country Road, Westbury, N.Y.

Lesso Mall Development Long Island Inc. (LESSO), a subsidiary of Lesso Group Holdings Ltd., has named Newmark Knight Frank as the exclusive leasing agent for its recently rebranded Lesso Home New York Market in Westbury, N.Y.

Managing Director Dennis Karr will lead the leasing team, which also comprises Senior Managing Director Peter Rossi, Managing Director Dan Oliver, Associate Jordan Oliver and Managing Director Scott Berfas. Additionally, NKF has been handling the property management services for the asset since 2012.

Revitalization Plan 

LESSO acquired the former 512,528-square-foot enclosed Source Mall and the adjoined 210,798-square-foot anchor store formerly occupied by Fortunoff last year for $92 million out of distress. Perkins Eastman conducts the revitalization process which is slated for completion later this year. The reimagined shopping destination will encompass a diverse home furnishings showcase, as well as restaurants, community centers and shared co-working space for designers.

“The one-stop ‘specialized market’ for home furnishing products has been welcomed with considerable success in China, including the City of Foshan where LESSO Group’s headquarters is located, as it creates easy access to the center of creativity for both industry leaders and the consumer. Our ability to grow this proven concept here in the United States will benefit our tenants, our customers, and the region’s economy,” Lesso Group New York General Manager Michael Mai, said in a prepared statement.

The mall sits on 38 acres at 1500 Old Country Road within the “Nassau Hub.” The neighborhood includes the recently renovated Nassau Coliseum, Hofstra University, parks, golf courses, communities, as well as several other retailers. The nearby Northern State Parkway and Interstate 495 provide easy access to the area’s main points.

In a recent deal, NKF brokered a retail lease at the Empire State Building.

Image via Google Maps