EverWest Acquires Long Island Last-Mile Facility

55-60 46th St. Image courtesy of EverWest Realty Advisors

EverWest Real Estate Investors has finalized its second New York City/New Jersey-area acquisition this month, with the purchase of a 70,500-square-foot logistics asset in Flushing, Queens. Owner Gary Korn—managing director at Wharton Industrial—pocketed $57.3 million for the 2.9-acre property.

Situated in the heart of the Maspeth neighborhood at 55-30 46th St., the plot near the intersection of interstates 278 and 495 is well-positioned for last-mile distribution.

The building is fully leased to a roster of local food distributors. The single-story property dates back to 1961, according to CommercialEdge, and includes rear loading, 30-foot clear heights, as well as an ample truck court and parking.

Walker & Dunlop’s Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Diaz arranged the deal for the seller, while EverWest’s Stephen Feinberg directed the purchase for the buyer.

EverWest’s NYC-area deals

Last week, Denver-based EverWest announced the joint venture acquisition and redevelopment of a 31-acre site in Somerset, N.J. Along with partner Woodmont Properties, the company paid $42.7 million for the property at 400 and 600 Atrium Drive that includes an existing 351,782-square-foot office building. The partnership is planning to raze the structure, making way for two Class A warehouse/distribution buildings. The new industrial campus is set to comprise a total of 426,000 square feet.

In early 2021, the same partnership paid $20 million for a 144,551-square-foot distribution facility in South Brunswick, N.J. The sale-leaseback deal marked the duo’s first joint venture.