JFK poised for industrial development revival

Manhattan-based Vista Realty Partners is planning a new 110,000-square-foot air cargo warehouse on the northern end of John F. Kennedy International Airport that, according to the New York Times, would be the first speculative warehouse development there in almost a decade. At $125 to $150 per square foot in construction costs, the project, which is set to break ground in September and which does not yet have a tenant, signals the developer’s optimism about the market’s recovery. Industrial asking rents around the airport are roughly $13 to $14 a foot. The Port Authority is also planning to demolish six cargo buildings and five hangars at the airport in order to free up 109 acres for future development, the agency announced late last month. [NYT]