Stonemont Financial Group set to deliver ISF facility on Staten Island

Stonemont Financial Group, an Atlanta-based private real estate investment firm specializing in industrial development, acquisitions and net lease investments, today announced it is developing a 10,000-square-foot industrial service facility (ISF) on Staten Island in New York. Called 2577 Forest Avenue, the project will be completed by the end of this year.

2577 Forest Avenue is located between the Goethals Bridge and Bayonne Bridge, adjacent to the Howland Hook Marine Terminal in the Northwest corner of Staten Island. The ISF facility will feature over 110 trailer parking stalls, ample car parking, four grade-level doors with full drive-through circulation and office space. With its prime location, it also offers direct access to the Staten Island Expressway and NY Route-440.

“This project represents another important step in advancing Stonemont’s ISF growth strategy and expanding our reach in the Northeast,” said Michael Coogan, vice president of ISF at Stonemont. “The NYC market offers tremendous long-term opportunity for this asset class, and 2577 Forest Avenue’s optimal location close to the terminal positions it to serve a wide range of logistics and transportation needs in one of the most supply-constrained markets in the country.”

ISF is defined as a subset of industrial outdoor storage (IOS) and includes sites that feature functional service buildings in addition to stabilized fences and lit outdoor space zoned for storage. Stonemont has continued to see a highly constrained supply of well-located ISFs across the country, and has significantly grown its portfolio of ISF properties as demand for the asset class has strengthened.

2577 Forest Avenue marks Stonemont’s first project in New York City, though the firm has been highly active in the Northeast region, with recent projects including the acquisition of a 67,000-square-foot ISF building in Logan Township, New Jersey; the completion of a 300,000-square-foot industrial warehouse in Passaic, New Jersey; and plans to build a 520,320-square-foot industrial complex within the Runyon Redevelopment Area in Old Bridge, New Jersey. Stonemont also currently owns a 10,000-square-foot ISF facility in Bay Shore, New York on Long Island.