New York City Department Of Environmental Protection Signs 20-Year Lease At 24-02 49th Avenue

The asset involved in this transaction is a life sciences property located at 24-02 49th Avenue in Long Island City, featuring a size of 155,000 square feet. This property is part of a strategic move by the New York City Department of Environmental Protection, which is relocating its offices and lab from a smaller facility in Flushing under a 20-year lease agreement.

Summary of transaction details:

• Property Type: Life Sciences
• Transaction Amount: Not specified
• Lease Term: 20-year term
• Landlord: Andrew Chung - Innovo Property Group
• Tenant: New York City Department of Environmental Protection
• Brokers: David Stockel & John Isaacs - CBRE

This transaction was arranged by DCAS, indicating a collaborative effort in managing governmental relocations. The move aims to adequately support the Department of Environmental Protection's staffing and lab requirements, with implications regarding ongoing Newtown Creek Superfund cleanup efforts that remain unclear.