An industrial development is underway in Staten Island’s Richmond Valley neighborhood.
Sagard Real Estate has broken ground on a 332,000-square-foot Class A warehouse
development in the New York City borough. The real estate investment advisor and operator
said that the facility will meet demand in one of the nation’s toughest submarkets.
“This development aligns with our strategy of investing in markets with high barriers to entry
and strong growth potential,” Brad Natale, director of portfolio management at Sagard Real
Estate, said in a statement. “Staten Island is a prime logistics hub with sub-3% vacancy rates and
limited new construction.”
The facility is expected to be completed in late 2025. The project was approved by the New York
City Planning Commission in 2022. Cushman & Wakefield has started to market leases for the
under-construction space on the 796,000-square-foot lot.
The facility will have 60 dock doors and rooftop solar panels, and is located less than a mile from
Route 440, which provides access to the New Jersey Turnpike and the I-287 interchange. An
MTA bus stop is also located in front of the property.
“The site’s proximity to Route 440, major interchanges and excellent labor access makes it an
ideal location for industrial tenants,” Natale said.
Affiliates of Sagard Real Estate have owned the property since early 2020, records show, when
the company acquired it for $30.6 million from an affiliate of Bridgewater Capital Partners.
