ISC Agrees To Sell Staten Island Property

ISC Thursday announced an agreement to sell its 676-acre parcel of property on Staten Island, New York, to KB Marine Holdings LLC. The agreement consists of KB Marine's purchase of 100% of the equity membership interests of 380 Development LLC, an indirect subsidiary of ISC and owner of the land, for a total sales price of $80M. The agreement calls for the transaction to close no later than February 25, 2010.