$7.8 million sale of 5.12-acre development site near JFK International Airport in New York closed by HFF
FLORHAM PARK, NJ – April 11, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $7.8 million sale of the 5.12-acre land tract adjacent to John F. Kennedy (JFK) International Airport in the New York City borough of Queens, New York.
HFF marketed the site on behalf of the sellers, Philips International and Rhodes NY. Gabrielli Truck Sales Ltd. (Gabrielli) purchased the site.
The project required various state and local approvals from the New York City Economic Development Corporation and the Port Authority of New York and New Jersey. Gabrielli plans to construct a facility for their use on the site.
JFK International Airport is one of the leading international air cargo centers in the world and home to 18 cargo-only freight carriers, including American Airlines, FedEx, Delta Airlines and China Airlines. The site is located at 181-25 Eastern Road in Jamaica, Queens, which is in the Queens County industrial submarket and proximate to both the Belt Parkway and Interstate 678 (JFK Expressway) leading into Manhattan. Construction will begin on the industrial development this year. Prior to this development, there have been few industrial/commercial developments within a three-mile radius of the airport within 30 years.
The HFF investment sales team representing the seller was led by managing director Michael Nachamkin and senior managing director Evan Pariser.
“We were extremely happy with the outcome for both the buyer and seller,” Nachamkin said. “The purchaser worked extremely hard along with their counsel to obtain all the approvals necessary to develop the site for their needs.”
About Gabrielli Truck Sales Ltd.
The Gabrielli family has dedicated themselves to providing their customers with superior service and value since their first store opened in 1976. Today, Armando Gabrielli, the dealership's president, and his brother, Amedeo, vice president, have expanded Gabrielli Truck Sales Ltd. to eight sales and service locations. There are four in the New York City area, with dealerships in the Bronx, Medford, Hicksville and Jamaica, Queens, near JFK Airport in addition to Montgomery, Hartford and Milford, Connecticut, and the newest location in Dayton, New Jersey. For more information, visit www.gabriellitruck.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.