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Sagard Real Estate Breaks Ground on Staten Island Warehouse
Sagard Real Estate has commenced development on a 332,000-square-foot Class A warehouse in Staten Island’s Richmond Valley neighborhood. Anticipated for completion by late 2025, the facility features 60 dock doors, rooftop solar panels, and sits within a mile of Route 440, offering access to major interstates and New Jersey Turnpike.
Approved by the NYC Planning Commission in 2022, Cushman & Wakefield has initiated leasing efforts for the property, located on a 796,000-square-foot lot. Sagard acquired the site in early 2020 for $30.6 million.
“This development aligns with our strategy of investing in markets with high barriers to entry and strong growth potential,” said Brad Natale, director of portfolio management at Sagard Real Estate. “Staten Island is a prime logistics hub with sub-3% vacancy rates and limited new construction.”
- ◦Development
