Final Mile @ JFK Queens, NY

Execute CA

The Offering

Address

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Queens, NY

As exclusive agent, Cushman & Wakefield’s National Industrial Advisory Group is pleased to offer 100% fee interest in the Final Mile @ JFK (“the Portfolio”) for sale. Located in Queens, NYC surrounding John F. Kennedy International Airport (“JFK”), the 143,579 square-foot, nine-building offering presents the rare opportunity to acquire scale in a market that defines final mile. The properties are being offered individually or as a portfolio.

Located minutes from the JFK tarmac, Final Mile @ JFK offers unit sizes for the deepest user base within the submarket, ranging from 3,000 square-feet to 24,000 square-feet. Within the JFK submarket, the average executed lease over the last five years was 12,003 square-feet, with 90% of all leases being less than 25,000 square-feet. User demand within the segment remains resilient and is evidenced by +97% occupancy in buildings less than 25,000 square-feet since 2020. Beyond JFK’s demand drivers, the Portfolio serves the most densely populated demographics in North America. Benefitting from direct access to the JFK Expressway, Belt Parkway, Nassau Expressway, and I-678 / Van Wyck Expressway, occupiers can service 14-million consumers within a 60-minute drive.

The Portfolio is currently leased to 18 tenants with a 3.2-year WALT and an average in-place rent of $25.03/sf versus a market rate of $32.60/ sf. New ownership will benefit from significant net income growth over their hold via leasing and rolling below market rents to market rates. Final Mile @ JFK NOI is forecast to increase from $2.9 MM to $5.3 MM (79%) within six years.