NEW YORK CITY—The industrial complex that once served as a mill for the Cross Siclare paper company in Staten Island is up for sale, GlobeSt.com has learned EXCLUSIVELY.
The multi-tenanted industrial property at 125 Lake Ave. can be redeveloped if a buyer wishes and can support 680,000 square feet of new construction, according to Kalmon Dolgin Affiliates, the exclusive sales agent for the eight-acre property. The complex’s current tenant roster is using the property for contractors’ warehousing, automotive and truck repairs and parking, and construction equipment storage.
KDA broker Gary Mayzlin says the $11-million asking price is between one-third and one-fourth the likely trade price of a comparable site in Brooklyn or Queens.
“With inventory shrinking in Brooklyn and Queens (due to the conversion of industrial sites for use as residential and office), and prices in these areas through the roof, this site at 125 Lake Ave. on Staten Island offers a great alternative to companies that still need to have an outpost in New York City, but don’t want to make a move to New Jersey,” Mayzlin says. “Staten Island prices are still very affordable.”
The property’s M3 zoning (heavy unrestricted industrial) designation allows for recycling, manufacturing, warehouse, distribution, self-storage, building materials, construction equipment, machinery, trucks, bus and vehicle parking and maintenance uses.
The project’s potential for nearly 700,000 square feet of new construction could involve industrial or other commercial uses on this site. He says the development potential represents “a great opportunity” for developers to build a multi-tenant industrial complex or for users that are in need of large chunks of space who are being squeezed out of other boroughs because of high prices and non-existing availability of comparable sites.
Mayzlin says the property is located within minutes of the Staten Island Container Terminal and two blocks from the Route 440/Staten Island Expressway ramps.
At present, Staten Island is enjoying significant growth in residential and commercial development along the Bay Street waterfront and by the Staten Island Ferry, he notes.
“Staten Island is becoming an alternative to more affordable living and many people are moving here. Business owners and executives who take space on Staten Island also discover that their companies will find more affordable places to do business, great real estate values and a strong labor pool,” Mayzlin says.
He adds that the NYC Economic Development Corp. offers incentives for companies that invest in Staten Island’s North Shore Industrial Business Zone, where 125 Lake Ave. is located.