Buckeye Partners sells Bronx petroleum storage site for $74M

Buckeye Partners has sold its Bronx gas storage site at 1020 and 1040 East 149th Street for $73.5 million.

An entity that shares an address with energy supplier Sprague Energy bought the three buildings, used to store petroleum products before they are shipped to gas stations and other businesses.

Buckeye scored a pretty penny for the site, having purchased it for just $10 million in 2013 from energy firm Hess.

The Bronx site, on the East River waterfront, is one of a handful of properties Buckeye Partners own in New York. Other assets include fuel pipelines to LaGuardia Airport and JFK Airport and more than 18 million barrels of petroleum storage space around New York Harbour, according to the Buckeye website.