For Onyx Equities, it pays to have a logistics hub near one of many top-trafficked airports within the nation.
The agency signed two tenants for a mixed 87,000 sq. toes at its Inwood Logistics Heart in Queens, the Industrial Observer reported. Jamaica Bay is the one factor separating the commercial property from JFK Airport.
That proximity is probably going what attracted Gate Gourmand to the property. Because the identify suggests, the corporate is an airline catering firm, which means its entire enterprise is centered round airports. The corporate signed a lease for 63,000 sq. toes at 95D Inip Drive.
Individually, Yanwen Categorical agreed to lease 24,000 sq. toes at 71 Inip Drive. The corporate works in third-party logistics, particularly catering to cross-border e-commerce transport involving small packages.
The lengths and asking rents on the leases weren’t revealed. In Inwood, the typical asking hire for industrial area ranges between $18 and $20 per sq. foot, in accordance with LoopNet.
A Cushman & Wakefield workforce together with Helen Paul, Rico Murtha and Thomas DeLuca represented Onyx in each offers. Cushman’s Jimo Liu represented Yanwen Categorical, whereas JLL’s Tom DiMicelli represented Gate Gourmand.
Different tenants on the 10-building campus embody ECMS Categorical. Barry Sternlicht’s Starwood and Onyx acquired the advanced — which spans greater than 18 acres and 501,000 sq. toes — again in 2023 for $146 million; the vendor was the Elias household, which owned the portfolio by way of Ben Elias Industries, an attire firm that began winding down operations and liquidating property the earlier 12 months.
Throughout the outer boroughs of New York Metropolis, the emptiness price within the industrial market jumped 12 months over 12 months within the fourth quarter to six.4 %, in accordance with a quarterly report from Cushman. The asking hire per sq. foot, in the meantime, declined over the identical interval to $28.07 per sq. foot.
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