Triangle Equities files plans for nearly $100M Queens warehouse

The developer is building a 308K sf facility near JFK

New York /
Dec.December 17, 2018 04:30 PM

Renderings of 130-02 South Conduit Avenue and Triangle Equities’ Joshua Weingarten (Credit: Terminal Logistics)

Triangle Equities is moving forward with its plans to build a 308,000-square-foot, multi-story warehouse near John F. Kennedy International Airport in Queens.

The developer filed a new building permit for a five-story warehouse, which will be used as a distribution facility for e-commerce and industrial air cargo freight, at 130-02 South Conduit Avenue. Last year, the firm submitted plans with the Economic Development Corporation for the $97 million project.

The first two floors will have truck courts for tractor trailers, which will be connected to the street by ramps, Joshua Weingarten, director of capital markets for Triangle Equities, said in an email.

The top three levels call for storage, according to the permit. The design is meant to be flexible for different tenants, Weingarten said.

The firm bought the three-acre site with an undisclosed pension-fund partner and Township Capital for $25.4 million earlier this year, Crain’s New York Business reported. Citizens Bank provided a $19 million acquisition loan.

Triangle Equities’ warehouse comes as developers increasingly are looking to build vertical in order to accommodate the growing e-commerce industry. RXR Realty and partner LBA Logistics, for instance, are planning a four-story warehouse in Maspeth that could span nearly 770,000 square feet.

“We think that the property is very well aligned with the shift from bricks-and-mortar retail to more and more e-commerce, online sales of retail goods,” Weingarten said. “This will provide tremendous warehouse space that is really the only class-A product in the JFK Queens submarket.”

Triangle Equities hopes to break ground in April and to deliver the space to tenants in the fall of 2020. The firm also will be seeking a construction loan in the first quarter of next year, Weingarten said.


Related Articles

arrow_forward_ios
Winery owner Giovanni Borghese (Facebook via Borghese Vineyard)
Rare vintage: Long Island’s oldest winery hits the market
Rare vintage: Long Island’s oldest winery hits the market
One Court Square tower in Long Island City (Getty)
Target is coming to Long Island City
Target is coming to Long Island City
Stuart Miller of Lennar with The Maddox complex (Lennar, LMC)
ING “green building” loan program targets energy upgrades
ING “green building” loan program targets energy upgrades
(iStock illustration by Kevin Rebong for The Real Deal)
Morgan Stanley bans unvaccinated staffers from offices
Morgan Stanley bans unvaccinated staffers from offices
(Getty / Photo Illustration by The Real Deal)
Mall landlords turn to pop-up stores to boost revenue
Mall landlords turn to pop-up stores to boost revenue
Photo illustration of Tishman Speyer Properties President Rob Speyer and Brookfield Asset Management CEO Bruce Flatt (iStock, Getty)
Office investors Tishman Speyer, Brookfield put money where mouth is
Office investors Tishman Speyer, Brookfield put money where mouth is
Sure We Can has tried to purchase the property in the past (Facebook via Sure We Can, Getty)
Lifeline for canners needs city’s help to buy redemption center site
Lifeline for canners needs city’s help to buy redemption center site
Shoppers World CEO Sam Dushey with an aerial shot of Green Acres Mall (Shoppers World, Macerich)
Shoppers World to debut in Long Island at former Century 21 site
Shoppers World to debut in Long Island at former Century 21 site
arrow_forward_ios

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

Loading...