Belt Parkway

Turnbridge Equities Acquires 2.5-acre Industrial Outdoor Storage (IOS) Site in Brooklyn, New York

Retrieved on: 
Wednesday, March 6, 2024
Commercial Building & Real Estate, Construction & Property, REIT, Acquisition, IOS, Stock, Belt Parkway, Growth, Tennis, Tenant, Match

Turnbridge Equities (Turnbridge), a vertically integrated real estate investment and development firm, announced the acquisition of 2300 East 69th Street Avenue in Brooklyn, NY, for $16.6 million.

Key Points: 
  • Turnbridge Equities (Turnbridge), a vertically integrated real estate investment and development firm, announced the acquisition of 2300 East 69th Street Avenue in Brooklyn, NY, for $16.6 million.
  • The 2.52-acre property, which includes an 11,000 square foot building, is slated for industrial outdoor storage (IOS) use and will be the third New York City IOS property that Turnbridge has acquired in the last year for its urban-infill IOS portfolio.
  • The property is adjacent to 2350 East 69th Street, a 1.4-acre property that Turnbridge acquired in January 2024 for $8.85 million, bringing the assemblage to nearly four acres.
  • In addition, both markets enjoy multiple demand drivers outside of ecommerce, such as media studios, municipal services, laydown yards, container storage, and renewable energy production and energy storage.

CIVIL RICO RACKETEERING LAWSUIT FILED AGAINST THE NEW YORK CITY POLICE DEPARTMENT FOR IGNORING COMPLAINTS OF MILLIONS OF DOLLARS IN OVERCHARGES TO CONSUMERS BY TOWING COMPANY HOLDING EXCLUSIVE PERMIT TO TOW VEHICLES FROM NINE NEW YORK CITY HIGHWAYS

Retrieved on: 
Monday, September 19, 2022
New York City Department of Consumer and Worker Protection, Consumer, NYPD, Thaddeus Kosciusko Bridge, Racketeer Influenced and Corrupt Organizations Act, Avenue B (Manhattan), Interstate 278, Cross Island Parkway, Richmond Parkway, Supreme, New York State Route 27, Consumer protection, Highway, Complaint, GREAT, Federal Information Processing Standard state code, Belt Parkway, Road, Fur clothing, Runway

The lawsuit alleges that NYC turned a blind eye while a Queens towing company monopolized highways and ripped off thousands of drivers.

Key Points: 
  • The lawsuit alleges that NYC turned a blind eye while a Queens towing company monopolized highways and ripped off thousands of drivers.
  • There are approximately over 1,300,000 vehicles per day that utilize the Highways for which Runway holds the exclusive right to tow and remove disabled vehicles from the Highways.
  • The NYPD has permitted Runway to operate with a no-bid monopoly for over ten years, and ignored and closed their eyes to complaints of Runway's overcharging of consumers and businesses.
  • As Runway towed over approximately 150,000 vehicles over the past several years, these few hundred dollars overcharges per tow, generated millions of dollars in revenue to Runway.