BY JON CRONIN
Seagis Property Group, a New Jersey-based industrial real estate firm, announced that it had recently purchased a Maspeth commercial warehouse for $23 million.
The property, located at 57-00 49th Place, was previously a medical supply business, but is now part of Seagis’ growing portfolio in New York, New Jersey and Florida.
On the real estate group’s website, Seagis states that it owns approximately 10 million square feet of commercial space in the three states.
“We’re pretty excited,” said Ohmer Mir Ahmed, one of the owners of the firm, of the 80,000-square-foot facility. “It’s a very unique building. There’s a lot of land and it’s in a great market. Maspeth is at the center of the universe for New York.”
Seagis is no stranger to Queens. The group owns 42 buildings near John F. Kennedy International Airport and recently bought three buildings in Brooklyn. All three of those properties are in East New York and available for lease.
“We’ve been in New York and New Jersey for a long time,” Ahmed said. “There isn’t a lot of space in New York. Many of the traditional warehouses have been converted to residential or creative offices.”
Ahmed pointed out that although residential growth is the fastest in the area, warehousing needs in the area still must be serviced.
Seagis anticipates that a variety of companies—such as an ecommerce business—will likely be interested in leasing the warehouse.
“It’s quite a find, right at the mouth of the Queens Midtown Tunnel, Long Island City, Williamsburg,” Ahmed said. “Anytime you have a warehouse base of a certain size and location, when you service a place like New York City, you can cater to an ecommerce type company.
[But] we’re not banking on that being the case.”
He noted that warehouses for businesses that need to ship quickly typically tend to be near airports.
“If you want to service JFK, you need to be on that site,” he said. “The airport is such a critical aspect. You need to be right there. It’s not out of the question here.”
In regard to the type of business that might set up shop at the Maspeth warehouse, Ahmed said there are numerous possibilities.
“It varies so much on the type of user. The types of jobs could vary significantly,” he noted.
The warehouse is currently being emptied out and upgraded. Ahmed said that changes to the site are “more of a value add, not to change the footprint, more aesthetic and cosmetic to re-tenant the facility.”
“We do a lot of ground-up development in New Jersey, but that’s a different market,” Ahmed said.
According to the company’s website, Seagis is a “firm believer” in buying “what the submarket is about, including modern buildings and older, yet functional, product. Primarily, [Seagis is] buy-and-hold investors, and look for opportunities that will continue to create value over the long term.”
Reach Jon Cronin at 718-357-7400 x125, firstname.lastname@example.org or @JonathanSCronin.