HFF Announces $32 Million Land Acquisition for a Multi-story Industrial Project near John F. Kennedy International Airport in Queens, NY

Rob Rizzi

NEW YORK, NY – – Holliday Fenoglio Fowler, L.P. (HFF) announces land acquisition and pre-development financing totaling $32.1 million for the eventual development of a three-story, state-of-the-art, 300,000-square-foot industrial project with proximity to John F. Kennedy International Airport in Queens, New York.

The HFF team worked on behalf of the developer, Triangle Equities, to arrange an initial $10.1 million investment in the form of joint venture capital with L&B Realty Advisors (L&B).  L&B has additionally committed to the vertical capitalization of the project. 

Rob Hinckley

 The HFF team also placed the $19 million, floating-rate loan with Citizens Bank.  Loan proceeds will be used for land acquisition and pre-development costs.  The remainder of the capitalization came from Triangle Equities.

The three-story industrial facility will be constructed on a 119,000-square-foot lot located at 130-120 South Conduit Avenue in South Ozone Park and is currently operating as a surface parking facility.  The lot features frontage on the Belt Parkway and is approximately one mile from JFK Airport. 

The property is proximate to the Port of New York and New Jersey, one of the largest natural harbors in the world and the third largest port in the U.S.  The facility is expected to have first- and second-floor loading and clear heights ranging from 23 to 26 feet.

The HFF equity placement team included senior managing director Andrew Scandalios, managing directors Rob Hinckley and Rob Rizzi and associate Tyler Peck.

Tyler Peck

The HFF debt placement team consisted of senior director Geoff Goldstein.

“The property is strategically positioned to capture the insatiable demand for modern, ‘last-mile’ distribution space located in highly populated urban areas,” Hinckley said.

For more information, please contact:

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

http://www.triangleequities.com 

https://www.citizensbank.com/