Turnbridge Equities Acquires East New York Development Site for $29M

Turnbridge Equities has purchased a development site in East New York, Brooklyn, where it is proposing to build a storage building, according to city records made public Friday.

Turnbridge, through the entity 303 Louisiana Avenue Property, bought the site at 1 Wortman Avenue from Aaron Menche and Daniel Skura for $29 million, records show.

Ryan Nelson, managing principal at Turnbridge, signed for the buyer, while Skura signed for the sellers, which used the entity 237 42nd Street Corporation, according to records.

It’s unclear who brokered the deal. A spokesperson for Turnbridge did not immediately respond to a request for comment, while Menche and Skura could not be reached for comment.

Turnbridge apparently is planning for storage on the site, as the company filed plans in July to build an 88,251-square-foot storage facility on what’s now a parking lot, PincusCo reported.

News of the deal comes as Turnbridge looks to expand its commercial and industrial portfolio in New York City.

Turnbridge is developing the largest new industrial project in the city with the Bronx Logistics Center, a 1.3 million-square-foot warehouse building in the South Bronx’s Port Morris neighborhood, as Commercial Observer previously reported.

The project comprises two warehouse floors totaling 580,000 square feet and 730,000 square feet of parking, with asking rents around $30 per square foot, CO reported.

Plus, in August, Otto Environmental Systems signed a 60,000-square-foot lease at Turnbridge’s warehouse at 807 Bank Street in Brooklyn’s Canarsie neighborhood.

Isabelle Durso can be reached at idurso@commercialobserver.com.