Turnbridge sourced the acquisition in May 2018 in joint venture with Harbor Group International, and managed the repositioning of this 90,000 SF “last mile” industrial building located less than five miles from JFK Airport and within a one-hour drive of more than 15 million people. Turnbridge created an innovative structure that permitted the long-time owner to gain preferential tax treatment by entering into a 49-year master lease (with Turnbridge as lessee) with a fixed-price purchase option beginning year five of the lease, when Turnbridge would take over fee simple ownership. The seller benefitted from current income prior to effecting the sale, certainty of execution and the elimination of double taxation that would have occurred in a straight sale. The 60 year old building had been owner-occupied with extensive deferred maintenance. Turnbridge began a $1.2 million capital expenditure and repositioning program immediately upon closing, including a new roof, exterior wall repair and window replacement, MEP upgrades, extensive aesthetic upgrades, and solar panel installation. At the time of closing, the property was one of only five buildings within five miles of JFK Airport with at least 25,000 SF of availability and the only building with at least 50,000 SF of contiguous available space.
For more information visit www.2300Linden.com
2300 Linden Blvd. Brooklyn, NY
JFK West/East New York
Last Mile Industrial