Turnbridge Buys Queens IOS Asset in Bankruptcy Sale
The acquisition marks the company’s 10th industrial property in this market.
Turnbridge Equities has acquired an IOS property in College Point, Queens, for $20 million. The real estate investment company was the stalking horse bidder in a bankruptcy auction of the seller, Zano Industries. This will be Turnbridge’s 10th industrial asset in the NYC metro.
The vacant property at 20-25 130th St. is set to undergo multiple improvements, making it available for long-term leasing opportunities. Work will include new paving, fencing and lighting to improve operations.
READ ALSO: Industrial Report: Tariff, Construction Uncertainty Reshape Market Dynamics
The asset is approximately 3 miles from Citi Field and LaGuardia Airport is within 5 miles. The property has access to the Whitestone Expressway.
Mathew Diana of DY Realty represented the seller and bankruptcy court in the transaction. Turnbridge represented itself.
Turnbridge has recently been active in the New York City industrial market. In addition to the Bayonne, N.J., property the company purchased earlier this year, Turnbridge acquired a 2.5-acre IOS asset in Brooklyn at 2300 E. 69th St. Ave. for $16.6 million in the spring of 2024. Turnbridge also purchased 2350 E. 69th St. in January 2024 for $8.9 million, which saw a full property lease earlier in 2025.
In July, Turnbridge announced a 255,069 square-foot lease with TWTH Express at Bayonne Distribution Center in New Jersey.
Industrial activity in metro New York
A suburban New York hub ranks as one of the nation’s top emerging markets for industrial real estate, according to Yardi Research Data. Just north of the city, White Plains stands out for its high property valuations, with a 43.3 percent year-over-year increase in pricing as of December 2024. The market also had 2.7 million square feet of industrial space under construction.
In June, Wildflower’s JFK Logistics Center at 153-44 S. Conduit Ave., Queens, received a $48.1 million refinancing loan from Barings. The industrial property totaling 116,725 square feet opened two years ago.
Earlier in July, Crow Holdings also announced the full occupancy of Crow Holdings at Carteret, in Carteret, N.J. Broad Range Logistics signed a 480,000-square-foot long-term lease at 500 Salt Meadow Road. The 1.2 million-square-foot campus is just off New Jersey Turnpike.
You must be logged in to post a comment.