$164.5 Mil in Financing for Industrial Portfolio in NYC's Suburbs Shows Market Here Still Strong

NEW YORK CITY-The city has taken some flack lately for the transplanting of a number of industrial companies to the shores of New Jersey where land is cheaper and more plentiful. While the city’s tight office market has pushed other sectors out of the city to some degree, the recent financing of an industrial portfolio in the suburbs of the city demonstrates the region’s ability to keep businesses in the state, if not the five boroughs.

While Senator Charles Schumer of New York and his committee to examine the city’s industrial properties and the Economic Development Corp.’s efforts to maintain industrial business in the city continues its investigation, the suburbs have received a boost in the form of financing. To the east of the borough of Queens are the counties Nassau and Suffolk, best known for their suburban appeal, rather than industrial space. Given their proximity to Queens, itself a major industrial area in many places, they have managed to hold on to their industrial properties.