Deutsche arm buys two full Queens blocks

RREEF Property Trust completed the $76M purchase in two separate deals

TRD New York /
Sep.September 27, 2017 11:05 AM

226th-228th Streets between 145th Road and 146th Avenue (Credit: Google Maps)

Deutsche Bank‘s real estate investment management arm has snatched up six parcels across two city blocks in outer Queens for $76 million.

RREEF Property Trust, which is run by Deutsche Assets Management, bought the land in two separate deals. On Tuesday, city records showed that the firm purchased a 106,000-square-foot warehouse by JFK Airport at 145-68 228th Street for $43 million. On Wednesday, it purchased five additional parcels for $33 million. Those five parcels include two parking lots and two more warehouses.

The six parcels span a pair of city blocks between 226th and 228th streets and between 145 Road and 146 Avenue.

RREEF did not respond to requests for comment about what it intends to do with the properties.

Officials announced at the beginning of the year that they are planning a $10 billion renovation of JFK Airport, including expanding newer terminals and redeveloping older ones. Additionally, Linx Industries is marketing its 11-acre site by the airport as a possible shopping center.

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