Barone Management plans a warehouse for the little guys

Developer will charge in the $40s psf for small, partitioned warehouse space in LIC

New York /
Apr.April 19, 2018 09:06 AM
Rendering of 9-03 44th Road

Rendering of 9-03 44th Road (Credit: Barone Management)

One developer plans to build a warehouse in Long Island City for small businesses that have been squeezed out by e-commerce and logistics tenants who are gobbling up the city’s “last-mile” space.

Barone Management plans to build a three-story, 88,000 commercial building at 9-03 44th Road, and will partition warehouse space into units between 2,000 and 3,000 square feet.

“I think at least half of my warehouse tenants will be contractors that service New York City,” president Scott Barone told Crain’s. “Plumbers, electricians, businesses that install sprinkler systems. These are tenants that traditionally were in Long Island City but have gotten pushed out.”

The developer is spending $30 million on the ground-up development and thinks that tradesman and contractors will pay a premium for the confines.

Asking rents for the warehouse space will range up to the $40s per square foot, more than double the current market rate for warehouse space.

The upper two floors will comprise of 44,000 square feet of office space, and Scott Barone told Crain’s they’re targeting office tenants. It will also allow warehouse tenants to lease offices on the upper floors.

“Usually industrial tenants have a crappy office in their warehouse, with low slung ceilings and maybe even no windows,” Barone said. “This is a chance for a warehouse user to have a first-class office.”

The developer had initially planned a 199-key Dream Hotel at the site, but last year filed plans for a three-story commercial facility. [Crain’s]James Kleimann


Related Articles

arrow_forward_ios
Nearly half of new shops in 2021 will be dollar stores. (Getty)
2021 is raining dollar stores
2021 is raining dollar stores
National chains and mom-and-pop stores are seeing increasing sales per square foot and shrinking occupancy costs (Getty)
National chains paid 93% of rent in April
National chains paid 93% of rent in April
(RIPCO, iStock)
Target, Five Below, Smashburger open in new Brooklyn shopping center
Target, Five Below, Smashburger open in new Brooklyn shopping center
Close to 80 hotels with more than 13,000 rooms plan to open in 2021. (iStock)
Big year seen for hotel openings, despite few visitors
Big year seen for hotel openings, despite few visitors
Savanna’s Christopher Schlank and Nicholas Bienstock with a rendering of 141 Willoughby Street (Savanna; SLCE Architects; Fogarty Finger Architects)
Savanna nabs $264M loan for Downtown Brooklyn office project
Savanna nabs $264M loan for Downtown Brooklyn office project
Blackstone president Jon Gray and the Blackstone headquarters at 345 Park Avenue in NYC (Getty, Google Maps)
Blackstone sets office return for some vaccinated staffers
Blackstone sets office return for some vaccinated staffers
Slate Property Group's Martin Nussbaum and a rendering of the project
Hakimian, Certes land $59M loan for East Harlem multifamily project
Hakimian, Certes land $59M loan for East Harlem multifamily project
Watch TRD Brand Studio’s first-ever webinar on the new office normal
Optimizing the office: TRD Brand Studio webinar on the new workplace normal
Optimizing the office: TRD Brand Studio webinar on the new workplace normal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...