{"id":14178,"date":"2025-10-23T21:21:13","date_gmt":"2025-10-23T21:21:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/14178\/"},"modified":"2025-10-23T21:21:13","modified_gmt":"2025-10-23T21:21:13","slug":"blackstone-sells-fedex-occupied-warehouse-in-queens-for-87m-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/14178\/","title":{"rendered":"Blackstone Sells FedEx-Occupied Warehouse in Queens for $87M \u2013 Commercial Observer"},"content":{"rendered":"

Blackstone<\/a> has offloaded a large industrial property next to Queens\u2019 LaGuardia Airport that is occupied by Fedex<\/a>.<\/p>\n

Blackstone, through its Chicago-based portfolio company Revantage<\/a>, sold the two-story warehouse at 83-15 24th Avenue and the adjacent parking lot at 83-84 23rd Avenue for a total of $86.7 million, according to broker JLL<\/a> and city records<\/a> made public Tuesday.<\/p>\n

SEE ALSO: Comras Under Contract to Buy Premier Retail Portfolio in Miami From Morgan Stanley<\/a><\/p>\n

The buyer was an investment fund managed by Morgan Stanley Real Estate<\/a> Investing (MSREI), which used the entity NHNR Hold Co 28 in the deal, records show.<\/p>\n

The industrial property, located in Queens\u2019 East Elmhurst neighborhood, comprises an 116,596-square-foot facility across two parcels and a 1.7-acre parking lot that has been \u201csupporting FedEx\u2019s last-mile distribution operations,\u201d according to JLL.<\/p>\n

The property is 100 percent leased to FedEx, which has 17.3 years remaining on its lease, providing MSREI with \u201cdurable, long-term income backed by a global company,\u201d JLL said.<\/p>\n

\u201cThis transaction highlights the continued depth of institutional capital targeting New York\u2019s infill industrial market,\u201d JLL\u2019s Tyler Peck, who was part of the JLL team that arranged the sale, said in a statement. \u201cFedEx\u2019s long-term commitment to the property and its immediate proximity to LaGuardia Airport make this a best-in-class logistics facility and an exceptional long-term hold for Morgan Stanley.\u201d<\/p>\n

JLL\u2019s Peck, Andrew Scandalios, John Huguenard, John Plower, Nick Stefans and Jason Lundy arranged the sale, representing the seller and procuring the buyer.<\/p>\n

Blackstone and Morgan Stanley declined to comment.<\/p>\n

The industrial property between 83rd and 85th streets \u201cserves as a mission-critical logistics hub for FedEx, facilitating ground-route distribution across New York City and Long Island,\u201d according to JLL.<\/p>\n

News of the deal comes amid a pretty strong year so far for industrial leasing in New York City\u2019s outer boroughs. Year-to-date, new industrial leasing totaled 2.6 million square feet by the end of the third quarter of 2025, representing a 6.4 percent increase year-over-year, according to a report from Cushman & Wakefield<\/a>. Brooklyn and Queens led the charge, accounting for 88.9 percent of total leasing volume and eight of the third quarter\u2019s top 10 transactions, the report found.<\/p>\n

Isabelle Durso can be reached at idurso@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Blackstone has offloaded a large industrial property next to Queens\u2019 LaGuardia Airport that is occupied by Fedex. Blackstone,…\n","protected":false},"author":2,"featured_media":14179,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[10613,10614,3624,10612,10615,10616,10617,1087,9,24,10618,63,122,124,123,10619],"class_list":["post-14178","post","type-post","status-publish","format-standard","has-post-thumbnail","category-queens","tag-83-84-23rd-avenue","tag-andrew-scandalios","tag-channel","tag-investments-sales-83-15-24th-avenue","tag-jason-lundy","tag-john-huguenard","tag-john-plower","tag-laguardia-airport","tag-new-york","tag-new-york-city","tag-nick-stefans","tag-nyc","tag-queens","tag-queens-headlines","tag-queens-news","tag-tyler-peck"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/14178","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=14178"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/14178\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/14179"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=14178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=14178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=14178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}