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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AMAA is your source for structural inspections, mechanical inspections, civil inspections, and architectural inspections in New York and the entire metropolitan area. With over 50 years of experience, we are known for both our high standards and specialized services. We have supported the work of some of the largest and most prestigious developers, retailers and more. Call us today at 212.867.6720 or visit our website for more information.

Greenpoint's Next 40-Story Waterfront Tower is Finally Happening

Back in 2015, a project was proposed to transform a building on the Greenpoint

Waterfront in Brooklyn into a high-rise. Now three years later, the project is making

headway. What was once an abandoned warehouse will now be a  multi-purpose,

somewhat-affordable tower at 18 India Street.

PC: RedSky Capital

The Building:

Rendering received by YIMBY reveals a design which seems to stack the areas

used for different uses on top of each other, like building blocks, and will feature a

green-brick facade and large rectangular windows.

The Space:

At 40-stories tall, the tower will yield around 600,000 square feet of space. The plans

allot 100,000 square feet of space to be used for retail space, leaving the rest of the

space to use for potentially 500 to 700 residential units.

The Developers:

JZ Capital Partners and RedSky Capital are spearheading the project as of now,

while there hasn’t been any reveal of who the exact architect is.

The Construction Plan:

There has yet to be a date set for the project’s completion, but now that renderings

have been unveiled, the plans are surely moving forward.

For more NYC building news, follow AMAA on Facebook and Twitter!

AMAA is your source for structural inspections, mechanical inspections, civil

inspections, and architectural inspections in New York and the entire metropolitan

area. With over 50 years of experience, we are known for both our high standards

and specialized services. We have supported the work of some of the largest and

most prestigious developers, retailers and more. Call us today at 212.867.6720 or visit

ourwebsite for more information.