Some New York City businesses struggled during the pandemic. City Lumber isn’t one of them: It just leased a Queens space nearly twice the size of its current one.
The lumber operation signed a 12-year deal for 73,000 square feet in Glendale, Queens, and will relocate its headquarters from its two-site, 40,000-square-foot operation in Long Island City, according to New York Business Journal.
The Glendale digs will include 32,500 square feet of outdoor space, allowing for a larger stockpile of lumber. The asking rent for the new property was $23 per square foot, according to its broker.
The company has enjoyed robust business in recent years as it contributed to projects at LaGuardia Airport, the La Central development in the Bronx, Moynihan Station, and two Hudson Yards towers. City Lumber chose the new location for more warehouse space and an “enhanced office,” David Spodek, president of the company, told Commercial Observer.
Warehouse space has been a strong investment in recent years because of e-commerce and the push for faster delivery.
Meanwhile, the lumber market has been tumultuous. After an unprecedented price surge during the pandemic, as a reduction in lumber production was followed by a spike in demand, the price of lumber has fallen in recent months.
[BizJournals] — Holden Walter-Warner