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Turnbridge Buys South Bronx Site for Industrial Development
Manhattan-based Turnbridge Equities has purchased a 10-acre industrial development site in the South Bronx’s Port Morris area for $56.2 million, Crain’s New York Business reported. The parcel is currently leased by a concrete recycling company, but eventually could accommodate about 890,000 square feet of warehouse space.
The deal illustrates a dramatic reversal of fortune for warehouses within city limits, which were viewed as obsolete a few years ago. Now, these properties have become key to the fast-growing e-commerce industry for last-mile deliveries, reported Crain’s.
Turnbridge principal Ryan Nelson told Crain’s the prospect of raising a large warehouse in the South Bronx was attractive because it offered tenants the benefit of quicker access to Manhattan than competing industrial markets in Brooklyn and Queens via several toll-free bridges.
It’s also close to Hunts Point Market, a large complex of food-distribution and wholesaling businesses that supply much of the city’s produce and meat.
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- ◦Sale/Acquisition
