Industrial tenants head to the Bronx

TRD New York /
Apr.April 16, 2012 02:00 PM

Low rents, easier transportation access and a large supply of low-wage workers for adding jobs have contributed to a trend of industrial tenants signing leases in the Bronx, Crain’s reported. The recent moves have even gained support from the city, who is asking industrial tenants in Manhattan and Queens to go to the Bronx and asking those that have already moved there to stay put.

Beyond the Hunts Point Produce Market, which will remain in the Bronx, and Fresh Direct, there are new tenants popping up around the borough. They include Dufour Pastry Kitchens, which is a bakery, and Smith Electric Vehicles, which assembles clean technology trucks.

The average asking rent in the Bronx is $150 per square foot, Crain’s said.

“Leasing prices are where they were four years ago,” John Reinertsen, an industrial broker with CBRE Group, toldCrain’s. “Interest rates are low, and the city has been aggressive in making incentives available for companies willing to grow their workforce.” [Crain’s]


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

448 East 143rd Street in the Bronx (Credit: Google Maps)

Private developer’s NYCHA project in Mott Haven lands $79M in financing

1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)

Maddd Equities, Joy Construction score $64M for massive Bronx project

From left: 305 East 47th Street and 286 River Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Clockwise from top left: 950 and 957 Woodycrest Avenue in the Bronx and 47-50 30th Street in Queens (Credit: Google Maps)

Here’s what the $20M-$30M NYC investment sales market looked like last week

A rendering of 210 East 135th Street 

Cheskel Schwimmer lands $65M construction loan for South Bronx project

An aerial of 1580 Story Avenue in the Bronx (Credit: Google Maps)

Brooklyn developer Joel Braver planning gargantuan resi project in the Bronx

arrow_forward_ios