April 16, 2019
Milvado Property Group ended the first quarter with nine new and renewal leases totaling 54,082 square feet within its Long Island industrial portfolio. The activity brings Milvado’s total for Q1 to 105,513 square feet.
The majority of the 54,082 square feet (26,514 square feet) was leased across four properties in Ronkonkoma. Another 18,468 square feet was negotiated at two Syosset properties, including 6851 Jericho Tpke. (pictured), and 9,100 square feet was arranged in Huntington Station.
“We don’t see this buoyant level of leasing activity abating as the year progresses,” said David Hercman, director of asset management at Milvado. “The existing inventory of industrial space simply cannot accommodate the continuing demand from e-commerce retailers to warehouse consumer products.”
In all, the nine deals completed in the 60 days prior to March 31 comprised 38,196 square feet of new leases and 15,886 square feet of renewals.
Connect New York is coming up on April 30! Click here to register for the event.
For comments, questions or concerns, please contact Paul Bubny