The newly acquired industrial lot in College Point, Queens, set for extensive renovations.
Turnbridge Equities has acquired a 103,000-square-foot industrial lot in College Point, Queens for $20 million, marking its entry as a stalking horse bidder amid bankruptcy proceedings of Zano Industries. The firm plans extensive renovations to the property, aiming to enhance its appeal and attract long-term tenants in the growing urban industrial market. With this acquisition, Turnbridge continues to expand its presence in the New York metropolitan area and capitalize on the increasing demand for industrial spaces.
Turnbridge Equities, a Manhattan-based real estate development firm, has successfully acquired a prime industrial lot in College Point, Queens for $20 million. The property spans an impressive 103,000 square feet and is located at 20-25 130th Street.
This acquisition represents Turnbridge’s entry into the site as a stalking horse bidder amid bankruptcy circumstances involving the seller, Zano Industries, a trucking enterprise that sought Chapter 11 bankruptcy protection last year. The transaction highlights the growing interest in urban industrial sites as demand for such properties rises.
Managing Principal Ryan Nelson indicated the firm’s plans to revive the now-vacant lot through extensive renovations that include new paving, fencing, and lighting. These improvements aim to enhance the property’s appeal and functionality. Following these upgrades, Turnbridge intends to lease the space to long-term tenants, aligning with their strategy to capitalize on the industrial market’s resurgence.
The zoning designation of the property is classified for medium manufacturing use, which complements its history as the operational base for Zano Industries. The industrial site’s potential for redevelopment coincides with a robust demand for urban industrial properties in the area.
The acquisition of the College Point lot marks Turnbridge Equities’ tenth property addition within the New York metropolitan region in recent months. The firm has an established presence, managing over $4 billion in assets since its founding in 2015 by Andrew Joblon.
Investors and developers are increasingly attracted to nearby areas, with market rates indicating healthy occupancy for industrial spaces. For instance, nearby auto repair shops along 20th Avenue have reported estimated rent prices ranging from $46 to $56 per square foot. This trend suggests a favorable environment for industrial real estate, which Turnbridge seeks to leverage through its new acquisition.
Turnbridge Equities has also recently finalized significant leases in the region, exemplifying its active involvement in the industrial market. Notable leases include a substantial 83,000-square-foot deal with Beacon Mobility at 2647 Stillwell Avenue in Gravesend and a lease agreement for 52,100 square feet with Sky Zone, an indoor trampoline park operator, at 2350 E. 69th Street in Bergen Beach. These transactions contribute to the broader narrative of increased leasing activity in the urban industrial sector.
In this particular deal, Mathew Diana of DY Realty represented the seller, Zano Industries, and the bankruptcy court during the sale process. Turnbridge Equities undertook the representation of itself in this acquisition, reflecting its confidence in the market’s direction and its vision for the property.
The acquisition in College Point underscores Turnbridge Equities’ strategy to capitalize on the growing demand for urban industrial properties. As the firm embarks on its renovation and leasing efforts, the industrial site is set to serve as a pivotal asset in advancing the company’s footprint in the New York metropolitan area.
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