NEW YORK CITY – Elms Realty Corp., a real estate investment firm, is gearing up for the launch of Urban Yard in Long Island City, a 400,000-square foot office redevelopment. The first phase of the renovation will begin on 40-09 21st St. and total 87,000 square feet.
Comprised of five buildings connected to a large courtyard, the development will feature office and retail space and a large parking garage. Newmark Knight Frank will represent ownership.
“We are very excited to represent Elms Realty for this very significant redevelopment project,” said Senior Managing Director Bernard Weitzman of Newmark in a prepared statement. “Ownership envisions making Urban Yard an amenity-rich environment where like-minded companies can acquire talent, collaborate and thrive.”
Once completed, 40-09 21st Street will feature 15,000-square-foot floor plates, with oversized windows for greater natural light on three sides, a renovated lobby, tenant amenity center and new large elevators and outdoor areas with serene landscaping and seating. The building will also be equipped with new mechanical systems, including tenant-controlled HVAC.
Urban Yard is situated half of a block away from the MTA F train and a stone’s throw to the N, W and 7 lines. It is also a one-minute drive from the Queensboro Bridge and a five-minute drive from the Midtown Tunnel.
GlobeSt.com recently reported on the recapitalization of a Queens warehouse, in the submarket that has seen a lot of development as of recently, a transaction that highlighted fast growth in the submarket.
Long Island City is one of the fastest-growing neighborhoods in New York City with private-sector job growth of 28% since 2009. The property benefits from the long term lease with NYCHA, but can take advantage of the business growth activity from every sector to lease up the remaining space on the top two floors, according to data from Cushman & Wakefield.