March 14, 2018
Photo courtesy of TF Cornerstone
GMDC’s new manufacturing facility will be one of the first sites to open in the new Anable Basin mixed-use development.
“[GMDC’s tenants] will include artists, furniture design and fabrication, jewelry makers and other light industrial uses.”
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GMDC closed on acquisition of 101-01 95th Avenue, Ozone Park, NY 11416 in November 2017. Building on the success of its seven completed industrial development projects, GMDC has begun renovations of a former factory into a multi-tenanted manufacturing building, known as the GMDC Ozone Park Industrial Center.
GMDC Ozone Park Industrial Center will be marketed specifically to businesses that seek the locational and market advantages of New York City. The project will address New York City’s growing emphasis on retaining manufacturing space for small and mid-sized businesses by marketing to GMDC’s traditional tenants: custom woodworkers, cabinet makers, artisanal trades such as set builders and display makers, homes goods manufacturers, metal workers, and garment makers.
The redevelopment of the property will modernize a single-user building to make it functional for multiple business – upgrading services and demising units. Once fully built out, the project will provide long-term space for approximately 24 businesses and 80 new or retained jobs for workers making an average of $49,000 per year. This is well above living wage standards and higher than averages for both the local retail and food service sectors. The project will address New York City’s growing emphasis on retaining manufacturing space for small and mid-sized businesses by marketing to GMDC’s traditional tenants: custom woodworkers, cabinet makers, artisanal trades such as set builders and display makers, homes goods manufacturers, metal workers, metal finishers, and garment makers.
Following the purchase of the property, on-site pre-construction work commenced. The rehabilitation is expected to be an 18-month period with the main construction work scheduled to commence January 2018. The total cost of the development is $40 million, and this includes the real property purchase, rehabilitation of a three-story, single-user industrial property, and creation of production space for small and mid-sized manufacturers.
The major components of the renovation will include the following:
• Facade restoration including new windows and doors
• Expansion of the existing solar array on the roof.
• New and expanded electric and plumbing services
• New shared restrooms and slop sinks
• New sprinkler and fire alarm systems
• New elevator and roof
• Units with sub-metered electricity and individually controlled heaters
Photo Credit: Tim Soter
July 31, 2017
“GMDC is grateful to have been considered a potential partner and is very excited about participating in the project now that our team has been selected. We look forward to working with TF Cornerstone to develop the industrial space and to be a part of this transformative development,” said Brian T. Coleman, CEO of GMDC.
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July 31, 2017
“One of the most important ways a nonprofit developer can help with industrial development is being able to pick tenants that may not necessarily pay the highest possible rent, but may hire the maximum number of people or present the fewest barriers to employment.”
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July 31, 2017
“After a year-long selection process, the New York City Economic Development Corporation (NYEDC) chose developers TF Cornerstone (TFC) to lead the $925 million mixed-use development on the 4.5-acre site at 5-40 44th Drive and 4-99 44th Drive, as first reported by the New York Times.”
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July 31, 2017
“The $925 million development, led by TF Cornerstone, would be located along the Long Island City waterfront by an area known as Anable Basin and include 1,000 apartments and 100,000 square feet of space for light manufacturing, according to the New York Times.”
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July 28, 2017
“TF Cornerstone is planning a massive $925 million mixed-use development on the waterfront with 1,000 rental apartments and 100,000 square feet of light manufacturing space.”
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