Three new tenants scooped up 40,000 s/f of space at an industrial property in Jamaica, Queens.
Logistics company Wit Zenit Trading, Inc. leased 18,504 s/f at 184-10 and 184-60 Jamaica Avenue while the ecommerce company 4PX Express USA took 15,781 s/f at the 613,000 s/f complex and Moga Packaging, Inc. leased 5,303 s/f.
Paul Bralower and Decio Baio of Pinnacle Realty represented the property owners, Madison Realty Capital and Artemis Real Estate Partners, in the negotiations.
“We are pleased to welcome these three new tenants and we’re confident they will benefit from the property’s prime location as well as its abundant space for product development and storage,” Madison co-founder and Managing Principle Josh Zegen said.
Madison and Artemis purchased the Jamaica Avenue property last year for $78 million.
In late May, the apparel retailer French Connection extended its 88,000 s/f lease at the property, with Bralower and Baio representing Madison in that deal as well. Other tenants include Hanky Panky and Gotham Greens.
With more than 10 million s/f being removed from the New York City market in recent years through repurposing and demolition, Zegan said space at the Jamaica Avenue property has been in hot demand.
“The need for blocks of industrial space in this region is high, but availability still remains tight,” he said.
“By offering tenants a well-built amenitized space in a centralized Queens spot, our Jamaica Avenue facility is one of the only assets on the market to address this demand and the solid leasing activity at the property verifies its unique value proposition.”
Madison and Artemis plan to upgrade the buildings’ envelopes, mechanical infrastructure and elevators to better serve the increasing demand from industrial and “flex” users looking for quality space within the supply-constrained New York City market.
Built in 1923 and 1954, the buildings feature five freight elevators, two passenger elevators, and roughly 500 feet of frontage along Jamaica Avenue. The property also features 12 loading docks and a 30,000 s/f parking lot with more than 100 parking spaces and benefits from a close proximity to the Jamaica Station transit hub.