Josh Zengen

NEW YORK CITY—Highlighting the continued need of warehouse spacefor the retail sector, the UK-based, international clothing companyFrench Connection has renewed its 88,000 square-foot lease at184-10 and 184-60 Jamaica Ave. in Jamaica Queens. Madison RealtyCapital and Artemis Real Estate Partners bought the 613,000 squarefoot industrial property last year for $78 million.

A source close to the transaction tells that theextension of the lease is for three years, with asking rents at $17to $22 per square foot.

“We continue to see a shortage of industrial space in New Yorkas properties are converted to other uses, and we believe thatwell-located industrial assets like ours are likely to perform wellas a result,” says Josh Zegen, co-founder and managing principal ofMadison Realty Capital. “We are currently in negotiations withtenants of all sizes, and demand remains strong.”

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.