Retailer French Connection Renews 88K-SF Digs in Eastern Queens
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.
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.