NEW YORK (January 29, 2024) – Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced the acquisition of ‘Bridge Point Maspeth’ — a 128,148-square-foot industrial property located at 58-95 Maurice Avenue in Maspeth, N.Y., a neighborhood in the New York City borough of Queens.
Bridge acquired the urban infill site from TurnBridge Equities, a vertically integrated real estate investment and development firm. The two-level industrial property is currently fully leased to three institutional, investment-grade credit tenants.
Tyler Peck of JLL represented the seller and Bridge represented itself in the transaction.
“The Maspeth submarket in New York City is one of the most attractive industrial pockets within the New York market due to its high concentration of top-tier tenants, its consistently low vacancy rate, which is currently 3%, and its strong market dynamics where demand regularly outpaces supply for functional industrial facilities. This property’s Class A building features and modern design make it a rarity in a submarket dominated by older, less functional facilities,” said Andrew Hurwitz, Market Officer, New York Region at Bridge. “The strategic acquisition aligns seamlessly with Bridge’s value-add strategy, focusing on enhancing existing industrial properties in prime markets to meet the heightened demand from leading distribution, logistics, and manufacturing companies.”
Originally constructed in 1988, the recently-renovated facility sits on a 2.8-acre site and features 20-foot clear heights; 10 grade-level drive-in doors; 3 loading docks; and income-producing solar panels on the roofs. Bridge plans to execute capital improvements to the building to maximize the property’s value and functionality.
The facility is ideally positioned in the northern pocket of the Maspeth market, located in the heart of Queens — affording its tenants access to 3.2 million people within a five-mile radius as well as prime connectivity to the over 20 million people in the New York Metro Area. It sits adjacent to the intersection of I-278 and I-495, the two major commercial throughways of the region.