Long Island developer snaps up Solomon portfolio.The Solomon Organization has announced the sale of four of its Bucks County area apartment communities. Salem Crossing located in Bensalem, Country Club and Mills Crossing both in Levittown 1 Uninc. residential city (1990 pop. 53,286), Nassau co., SE N.Y., on Long Island; founded 1947. Originally about 7 sq mi (18 sq km) of potato fields, it was developed by Levitt & Sons, Inc., as a mass-produced area of private, low-cost housing. Each of the more than 17,000 nearly identical two-bedroom Cape Cod–style homes were built on a concrete slab and offered 800 sq ft (74 sq m) of space in a suburban setting. 2 Suburban development (1990 pop., and Liberty Crossing in Philadelphia are part of the $20,500,000 transaction between the New Jersey based Solomon Organization and a Long Island-based real estate developer. The Solomon Organization is into a three-year run in which it has bought or sold more than 20 properties, establishing substantial positions in new markets after trading out of properties it had renovated and repositioned. The firm is seeking to make additional investments in Pennsylvania locations including Bucks County, where it continues to maintain other holdings. |
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