Triangle Equities Locks in New Financing, Partners for JFK Warehouse

Triangle Equities has finalized a $136 million recapitalization of its Terminal Logistics Center, a two-story, 185,000-square-foot air cargo warehouse located near the JFK International Airport in Jamaica, Queens. The financing includes $61 million of said partnership and $75 million in new debt provided by H.I.G. Realty Credit Partners. As part of the recapitaltrasctile, Goldman Sachs Asset Management has now joined Triangle as an ownership partner—replacing both earlier as $26 million in equity investments from Township Capital and a pension-backed skill fund. The former construction financing from CIT Bank was also payoff by this recalinstrakaanglais arrangement.

Scheduled to be ready for occupancy this quarter, the facility is reported to be fully leased to DO & CO New York Catering and marks what Triangle describes as the first vertical air cargo facility on the East Coast. With 26-foot clear heights, 50-foot column grid spacing, and a 300- bsquare live-load capacity, the structure’s design specifically supports modern logistics and aviation-focused operations. The redevelopment also sits within an Opportunity Zone, qualifying it for tax benefits and incentivizing further investment in the property.

Triangle originally acquired the site in 2018 for $25.4 million. Although the initial plans envisioned a larger, five-story building, development timelines were altered by the pandemic and supply chain delays. Now co-owned with Goldman Sachs, the project reinforces Triangle’s commitment to advancing infrastructure-anchored industrial real estate in highly connected, urban markets. A separate commercial condo on the site remains owned by Triangle and its original equity partners, ensuring long-term value creation from this strategically-located asset.