Turnbridge Equities acquired 58-59 Maurice Avenue in July 2019. The Property consists of 129,000 SF of last-mile distribution space located in Maspeth, Queens, New York City’s most desirable industrial submarket due to proximity to Manhattan and the Long Island Expressway. Situated within 0.2 miles of I-495, four miles of Manhattan, via the Queens-Midtown Tunnel, and two miles of Brooklyn, the Property is strategically positioned for “Last Mile” delivery to over 15 million people. The Property is fully leased to three tenants with long-term, below-market leases, providing the opportunity for strong returns with mitigated downside. Ownership will execute a $1.4 million capital improvement program, including replacing the roof, and installing a rooftop solar panel system to improve the property and enhance returns.
58-95 Maurice Avenue, Queens, NY
Last Mile Industrial