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Davis Begins Multi-Million Dollar Capital Improvement Program at The Pearl Building

Jayden Lapin-Tatman • 8/12/2022

Cushman & Wakefield Named Exclusive Leasing Agent of the Property, which is Being Renovated for the First Time in its History

Maspeth, NY – The Davis Companies (Davis) and Cushman & Wakefield announced today that a multi-million dollar capital improvement program has begun at the Pearl Building, a 156,792-square-foot industrial building located at 58-30 Grand Avenue in Maspeth. 

Pearl Building NY“The Pearl Building offers an irreplaceable location in the center of the five boroughs, allowing for maximum reach to the densest population base in the country,” said David Allen, Senior Vice President of Davis.  “Utilizing our expertise as a value-add investor, we have begun our capital improvement program which will give the building a major curb appeal upgrade and, most importantly, top-tier functionality with new loading dock equipment that tenants desire in today’s market.”   

Cushman & Wakefield’s Joshua A. Kleinberg and Joe Hentze Jr. will serve as the exclusive leasing agents on behalf of the landlord, Davis.  

“It is an honor to be working with Davis as they expand their industrial footprint into New York City,” said Kleinberg.  “With continuing demand and a lack of inventory, the need for high-quality distribution spaces in proximity to Manhattan is greater than ever.  Davis is committed to providing best-in-class spaces for their tenants which is why the property is currently undergoing an immense capital improvement program, resulting in interior upgrades and façade restoration.”  

The asset is currently undergoing a capital improvement program which will result in updated loading positions including new dock doors, levelers, seals/bumpers, paving/coatings and building protection.  Additional improvements will include a façade restoration, elevator upgrades, lobby upgrades, new restrooms and security upgrades throughout.  The Pearl Building has space available for lease ranging from 22,423 square feet to 156,792 square feet.     

The property is located on the border of Queens, Manhattan and Brooklyn with convenient access to Interstates 278 and 495, allowing for a five-minute drive to Midtown Manhattan.  

About Cushman & Wakefield 

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake External Link on Twitter.

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