The sprawling 162-acre campus owned for years by Novartis was sold for $18 million to a buyer that made a quick $12 million by reselling it for $30 million to a Manhattan-based investment firm, according to lohud.com.
The pharmaceutical company sold the property to RS Old Mill LLC, who turned around and sold the site to Suffern Partners LLC, lohud reported.
An emailed statement from the new owner did not state what they intended to do with the site, said lohud.
Lawsuits between Novartis and RS Old Mill, over environmental testing on the site, were dropped this month, with Suffern saying they were satisfied with the environmental concerns, reported lohud.com.
Now the speculation is who, or what is going to be built at the site.
Suffern Mayor Ed Markunas said the residentail development would require a zoning change and acting Ramapo Supervisor Yitzchok Ullman has said he would like to entice Amazon to consider the site.
Two potential buyers, Merlin Entertainments and Intercos expressed interest but backed out.
Source: Ramapo Daily Voice