News
QUEENS IS KING
May 12, 2011
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| While Queens’ real estate market has been historically slow and steady, an impressive mix of tenants are sniffing around the market, including large media, government, legal, and insurance firms from Midtown, Long Island, and other parts of Queens, says Muss Development principal Jason Muss; his firm and JLL are marketing Forest Hill s Tower, a 375k SF building at 118-35 Queens Blvd that'll soon be partially vacated by JetBlue. Other buildings Muss owns in Queens have also seen similar interest: Flushing Plaza only has one space available, and Queens Tower in Jamaica is 94% leased. With two million people living in the borough and a plethora of mass transit options (including LIRR, subway, and bus) it’s a viable office alternative to Manhattan, he says. |
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| Forest Hills Tower is particularly attractive, since it’s the first time this large block of space has opened up for direct lease in 30 years. Muss Development originally developed the building for Con Edison in ’81, and JetBlue subleased its space. When the airliner flies out in mid ’12, a 200k SF block will become available, with an opportunity for an additional 40k to 50k SF. It also has a unique branding opportunity that doesn’t exist in many other buildings—the construction makes it two buildings in one, giving the anchor tenant a separate entrance and elevator bank. Other bonuses: 582 parking spaces, a convenient location between JFK and LaGuardia, and quick access to rail hubs and the Long Island Expressway. Depending from where the new tenant relocates, it may even qualify for REAP incentives. Muss is also making major upgrades to the building. |
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| Jason shows the panoramic view by pointing out Queens landmarks from his firm’s office, which has called Forest Hills Tower home for three decades (other tenants include Massey Knakal, Con Edison, the New York Times, the Daily News, Mutual of America, and 10 different law firms). The developer has not only been busy in Queens, but Brooklyn and Manhattan, as well. Earlier this year, it inked Panera Bread’s first Brooklyn location in 4,500 SF at 345 Adams St, a retail asset that Muss is renovating and leasing. It’s also working with Colliers International to market the 130k SF 64 W 48th St near Rockefeller Center, where it recently leased space to Xerox and other tenants. With these deals, Jason reports that only 25k SF of space remains, including three full floors ranging from 4,000 to 9,000 SF. |
