New York Warehouses to Only Go Up

With demand increasing, developers are planning multi-story units.

The Real Deal

There are currently two development projects in New York City that are planning to build vertical e-commerce warehouses. This will be a first for the city and will rise in with the few across the country.

Going vertical is the logical result for the demand of warehouses and shortage of land in the city. With this demand, rent continues to increase.

“Our thesis is to build it and they will come,” said Joseph Gorin, co-head of the private real-estate group of Goldman Sachs’ asset-management business, which is building a vertical warehouse in Red Hook.

 Developers have built warehouses with more than three stores in Asia, but in dense cities in America, designs will most likely by two to three stories.

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