Triangle Equities files plans for nearly $100M Queens warehouse
The developer is building a 308K sf facility near JFK
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.