Search
 

GMDC Brings Life to a Former Factory in Queens

Greenpoint Manufacturing and Design Center will redevelop the property to house multiple manufacturing businesses.

By Betsy Kim | Updated on December 01, 2017
Ozone Park facility The GMDC Ozone Park Industrial Center will be a facility for up to 25 small manufacturers.

NEW YORK CITY—The Greenpoint Manufacturing and Design Center has acquired an 85,000 square-foot, former bicycle factory in Ozone Park, Queens, NY. It plans to perform a gut renovation of the three-story structure.

Seventy-five thousand square feet of rentable space will be converted to production areas accommodating 20 to 25 small manufacturing businesses and up to 80 skilled workers. GMDC anticipates the workers will earn above living wage incomes.

The facility, to be called the GMDC Ozone Park Industrial Center, has an estimated acquisition and development cost of $40 million.

GMDC CEO Brian Coleman tells GlobeSt.com that the facility is expected to open in the spring of 2019 and a variety of manufacturers including traditional woodworkers, costume makers and jewelry makers have already expressed interest in leasing space. “We expect pricing to be in the mid to high teens,” says Coleman. “From a price point perspective, we think that the property will be very attractive to potential users.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.