Goldman Sachs, Triangle Equities Buy Air Cargo Development Near JFK Airport

A joint venture between Goldman Sachs’ Urban Investment Group and Triangle Equities completed the purchase of the Terminal Logistics Center in Jamaica, Queens, for $136 million, marking what is described as the first vertical air-cargo industrial facility on the East Coast. The facility is located less than two miles from John F. Kennedy International Airport and is designed to support logistics and air-cargo operations with high clear heights, large structural capacity, and proximity to both the airport and the port.

With a strategic emphasis on dense, urban industrial real estate, the acquisition reflects the growing significance of air-cargo and last-mile logistics assets in constrained markets. The facility is part of a larger trend in which developers and investors are investing in multi-story industrial developments to capitalize on land scarcity and transportation access in metropolitan areas like New York City.

Triangle Equities and Goldman Sachs say the asset’s location, design features, and lease-up potential align with broader themes of supply-chain transformation and urban logistics growth. The purchase underscores the partners’ commitment to industrial innovation and high-profile infrastructure near the region’s major freight and transportation nodes.