Turnbridge Equities has acquired a 103,000-square-foot industrial outdoor storage (IOS) site at 20-25 130th St. in College Point, Queens, for $20,000,000. The real estate investment and development firm was the stalking horse bidder in the bankruptcy proceedings of the seller, Zano Industries.
Managing principal Ryan Nelson said Turnbridge intends to significantly improve the now-vacant property, with new paving, fencing, and lighting, and will offer it for lease on a long-term basis. “The industrial market in New York City continues to shrink, and our strategy reflects that,” he said. “130th Street is a great IOS site, in an amazing location for logistics in New York City. We’re excited to add it to our IOS portfolio and look forward to quickly leasing it.”
Mathew Diana of DY Realty represented the seller and bankruptcy court in the sale process. Turnbridge represented itself. This marks Turnbridge’s 10th industrial asset in the NYC metro area.
Read More: Turnbridge Acquires Queens IOS Site Out of Bankruptcy
