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**Turnbridge Equities Acquires Queens IOS Site Out of Bankruptcy for $20 Million**
Turnbridge Equities has acquired a 103,000-square-foot industrial outdoor storage (IOS) site located at 20-25 130th Street in College Point, Queens, for $20 million. The acquisition was completed through bankruptcy proceedings, with Turnbridge serving as the stalking horse bidder for the seller, Zano Industries.
Ryan Nelson, Managing Principal at Turnbridge, announced plans to significantly upgrade the currently vacant site. Proposed improvements include new paving, fencing, and lighting, with intentions to market the property for long-term lease.
“The industrial market in New York City continues to shrink, and our strategy reflects that,” Nelson said. “130th Street is a great IOS site in an amazing location for logistics in New York City. We’re excited to add it to our IOS portfolio and look forward to quickly leasing it.”
Mathew Diana of DY Realty represented the seller and the bankruptcy court in the transaction. Turnbridge Equities represented itself. This acquisition marks Turnbridge’s 10th industrial asset within the New York City metro area.
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