Seagis Snags 80 KSF Industrial Asset in Queens

5700 49th Place in Queens has changed hands. The nearly 80,000-square-foot warehouse will benefit from a comprehensive rehabilitation program.

5700 49th Place in Queens
5700 49th Place in Queens

Seagis Property Group has expanded its New York portfolio with the acquisition of a 79,920-square-foot warehouse in the Maspeth submarket of Queens. DY Realty Services procured the buyer and will be listing the property for lease.

The asset is located at 5700 49th Place, about one mile from the Brooklyn-Queens Expressway. Manhattan is also easily accessible via the Williamsburg Bridge and the Queens-Midtown Tunnel. According to Crain’s New York Business, the warehouse was purchased from a longtime owner—the operator of a medical-supply family business—and features an on-site parking lot.

Thorough rehabilitation

Following extensive renovations, the entire building will be available for lease in the first quarter of 2018. The property features 28-foot ceilings, considered above-average height, as compared to similar industrial buildings in the New York metro area. Nine covered loading positions and three exterior loading positions are also available on site.

“Seagis now owns 46 buildings in the outer boroughs totaling approximately one million square feet. We are encouraged by the success of our New York Metro portfolio, and look forward to continued growth in this dynamic marketplace,” said Omer Mir Ahmed, principal at Seagis Property Group, in a prepared statement.

Image via Google Street View