One Nassau Place has completed construction, making the 331,700 square foot site the largest new single-story warehouse currently available in New York City.
Developed by Sagard Real Estate, the site includes 174 parking spaces, 60 loading docks, two drive-in doors and 36-foot clear ceiling heights. While it's unknown what the brand roster list looks like at this point, the facility can support multi- or single-tenant uses.
According to Cushman & Wakefield, the industrial fundamentals in NYC remain strong, with demand in the market outpacing deliveries.
"One Nassau Place reflects our commitment to delivering modern industrial solutions in locations where supply remains extremely limited," Brad Natale, managing director of portfolio management for Sagard, said in a statement.
"We are proud to bring to market a facility that offers tenants premier access to the New York City area, with contemporary building features needed to operate competitively."
The other important component of the property is that it is near major transportation infrastructure in the Tri-State area, including Port Newark/Elizabeth, the Outerbridge Crossing and the Newark Liberty International Airport. One Nassau Place offers connectivity to all five boroughs in the metro.
Sagard continues to expand in the industrial space. In the first quarter, its major acquisitions included a 100 percent leased 6.68-acre asset in Hayward, California and a 186,731-square-foot facility in Miami.
Meanwhile, industrial faces its challenges nationally going forward, as the Dallas Fed's March Texas Manufacturing Outlook Survey found that the production index dropped from 12.8 to 6.8, signaling below-average growth, as economic uncertainty lingers in decision-making. This for industrial will likely affect leasing decisions, underwriting assumptions and the timing of tenant growth plans, according to Trepp.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.