Lorenzo Simonelli, who led GE Transportation for more than five years, has broken one of his last ties with Erie. He’s sold his waterfront home on Niagara Pier.
Simonelli, who led GE Transportation longer than any other executive in the past 20 years, left GE Transportation, which now has its headquarters in Chicago, when he was promoted in September to lead General Electric’s oil and gas division.
Simonelli, who continued to visit the GE Transportation’s Erie plant frequently after moving its headquarters in 2012, listed his home for sale in June of this year.
Simonelli’s home, a condominium at 37 Niagara Pier, has been sold to Erie Lighthouse LLC for $496,000, according to public records. The asking price was $525,000.
The 2,600-square-foot property, which has 3 bedrooms and 3 bathrooms, last sold in 2008 for $475,000, according to a real estate website.
A real estate listing for the property described it as a “gorgeous updated condo with panoramic views of the bay.”
Some business journalists have speculated that Simonelli, who now heads the company’s fastest growing business, is being groomed to one day run General Electric.
GE Transportation, which has its largest plant in Lawrence Park, is now led by Chief Executive Russell Stokes.
– Jim Martin