A wholesale distribution firm has paid $24.5 million for a Queens warehouse.
MY Sales LLC is a leader in general merchandise and Fast Moving Consumer Goods (FMCG) wholesale distribution. The company stocks over 3,000 items that can be shipped worldwide from its warehouses on both sides of the country.
A team form B6 Real Estate Advisors brokered the sale of 75 Onderdonk in Ridgewood, a 66,000 s/f industrial building with 61,000 s/f of air rights.
One of the few large industrial assets on the market recently, the property features easy access to Manhattan, the Brooklyn-Queens Expressway (I-278), the Long Island Expressway (I-495), three drive-in loading bays, and direct access to the New York & Atlantic Railway for freight service.
According to B6, its sale showcases that the demand for industrial assets is growing at an exponential rate.
“The pandemic amplified the importance for e-commerce and the need for distribution/storage space became crucial,” said the company in a press release. “There was, and still is, a lack of good industrial product. This is due to the gentrification of neighborhoods that once were considered only for industrial/warehouse resulting in the demand for industrial assets to rise.”
B6 brokers Thomas Donovan and Robert Rappa represented the saller, Jason Richard Realty, LLC. Brian Jaffe, Jaffe Realty, represented the buyer.
The building will be delivered with around 50,000 vacant square feet for the owner to use or to redevelop.