Retailer French Connection Renews 88K-SF Digs in Eastern Queens
By Liam La Guerre May 23, 2018 5:31 pm
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Apparel retailer French Connection has signed a renewal of 88,000 square feet at 184-10 Jamaica Avenue in the Hollis section of Queens for production and distribution space, Commercial Observer has learned.
The London-based company will continue to occupy the five-story property for another three years, according to Madison Realty Capital which owns the structure with Artemis Real Estate Partners.
Madison declined to provide the asking rent in the year deal. But a spokesman said that rents in the structure, which is between 184th Place and 185th Street, range between $17 per square foot and $22 per square foot.
“We continue to see a shortage of industrial space in New York as properties are converted to other uses, and we believe that well-located industrial assets like ours are likely to perform well as a result,” Josh Zegen, a co-founder and managing principal of Madison Realty Capital, said in prepared statement. “We’re pleased that French Connection understands the ongoing value of this location and welcome their decision to extend [the lease].”
Decio Baio and Paul Bralower of Pinnacle Realty handled the transaction for Madison Realty Capital and Artemis. French Connection, which sells mens and womens clothes, did not have a broker in the deal.
The property at 184-10 Jamaica Avenue is attached to another building at 184-60 Jamaica Avenue and both together has a total of 613,000 square feet. The buildings features five freight elevators, two passenger elevators, 12 loading docks and more than 100 parking spaces.
Madison and Artemis acquired the property for $78 million in July 2017, city records indicate. After the purchase the partnership planned to upgrade the buildings with renovations to the mechanicals and elevators, according to a press release at the time. It was not immediately clear how much the landlords spent to update the property.
Existing tenants include urban agriculture company Gotham Greens, which opened a 60,000-square-foot greenhouse on top of 184-60 Jamaica Avenue in 2016 that produces more than 500 tons of vegetables, according to DNAInfo, and lingerie manufacturer Hanky Panky.
