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New York & Tri-State  + Outer  + Industrial  |  March 7, 2018
Paul Bubny
By: Paul Bubny

Multi-Level Air Cargo Facility Coming to JFK

New York City will be getting its first multi-level, multi-tenant air cargo and distribution facility, courtesy of Triangle Equities, which acquired a development site Tuesday for $25.4 million. To be developed near JFK International Airport in Queens, the three-story property will span approximately 300,000 square feet.

Triangle executed on the land acquisition and development financing through a strategic partnership with a pension fund, advised by L&B Realty Advisors. HFF arranged $10.1 million of joint venture capital with L&B and also placed a $19-million, floating-rate loan with Citizens Bank.

“With this site, we will be able to develop a unique product that has not yet been delivered to the New York City industrial sector,” said Lester Petracca, Triangle’s president. “By making this a vertical, multi-level facility, we are able to maximize use of the site, thereby increasing the potential impact this project will have” on air cargo growth at the airport.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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