Wednesday, February 7, 2018

Large Industrial Real Estate Firm Buys Warehouse in Maspeth

By now, you’re sure to have heard about Amazon’s fast delivery times — two-hour
delivery in some cases! Well, that kind of service is due to businesses being in close proximity to the people they’re delivering to, especially e-commerce businesses. That’s why more and more real estate firms are investing in warehouses — including Seagis Property Group which just purchased a large warehouse in Maspeth, Queens.

The Building
The warehouse is an 80,000 square foot, single-story building at 5700 49th Place with 28-foot ceilings and an on-site parking lot. These features, among several others, made the building valuable since:
  • The high ceilings allow tenants to store products more easily using vertical shelves.
  • The parking lot provides an easier way to load goods onto trucks to be delivered. 
The location is also convenient since Maspeth is in the center of the city, allowing the tenants to delivering to over eight million people within a 10-mile radius. Seagis purchased the building for around $23 million and is planning on investing $2 million to renovate the building.

The Firm

Besides this new building, Seagis also has 42 warehouse buildings near JFK as well as millions of square feet worth of industrial property in New Jersey and Southern Florida.

The firm currently rent four million square feet worth of space in New Jersey to Amazon for less than $10 per square foot, and they intend to rent this Maspeth warehouse for somewhere around $20 per square foot. Even with high prices and a tighter market, Seagis hopes to purchase three more buildings by the end of the year.

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