Lesso Group Acquires The Mall at the Source, Adjacent Retail Building for $92 Million

by Katie Sloan

Westbury, N.Y. — Lesso Group has acquired The Mall at the Source and an adjacent retail building, located at 1504 Old Country Road in Westbury, for $92 million.

Totaling 723,326 square feet, the transaction is the largest Long Island transaction to date. Lesso plans to convert the properties into a showroom and retail center for its household goods. The transaction includes the 512,528-square-foot enclosed mall and a 210,798-square-foot retail building, formerly occupied by Fortunoff. Situated on 38 acres and zoned for industrial space, the properties also feature 3,838 parking spaces, 2,813 of which are within a garage. Peter Rossi and Dennis Karr of Newmark Knight Frank represented the buyer in the deal. The name of the seller was not released.

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