Brooklyn Logistics Center Development
New York, NY (November 6, 2018) – On April 30, 2018, Amstar, in conjunction with its joint venture partner, Wildflower Ltd, closed on the acquisition of a 4.4-acre site in Brooklyn, NY for the development of two modern last-mile logistics facilities totaling 194,000 square feet. Located in the infill submarket of East New York, the Brooklyn Logistics Center site is within a five-mile radius of over 1.9M people and located less than 15 minutes from JFK Airport. Amstar demolished the two existing 1960’s warehouse buildings onsite and is constructing two Class A, 97,000 square foot, 32’ clear industrial warehouses targeting e-commerce and last-mile logistics users. As much of the existing industrial supply in New York City has been converted into housing or creative office, modern warehouse buildings in New York City are becoming rarer even as warehouse demand remains strong. Brooklyn Logistics Center represents a unique opportunity to acquire a sizeable, well-located site and develop Class A industrial buildings in one of the most dense, supply constrained markets in the country. This is Amstar’s second investment in the new Amstar America portfolio and the first ever industrial deal for Amstar in New York. JLL has been hired as the leasing agent.