Sale of ISC property on Staten Island canceled

International Speedway Corp. officials announced Friday the termination of an agreement to sell its property on Staten Island.

ISC agreed to sell the 676-acre Staten Island property on Oct. 19 to ProLogis, a Maryland real estate investment trust, for $100 million. ProLogis terminated the agreement on Tuesday, ISC said, before the "expiration of the due diligence inspection period."

"While it is unfortunate that ProLogis elected not to complete the transaction, we are confident that, on a timely basis, we will agree to terms with a buyer interested in redeveloping this site, which will provide economic benefit to Staten Island and New York City as a whole," said Brian K. Wilson, ISC Vice President of Corporate Development. Scenedaily.com