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

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LEASED
John Isaacs
David Stockel

New York

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Life Sciences155,000 SF
Leased 02/19/2026
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LEASED

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

24-02 49th Avenue

See Similar Deals
Life Sciences155,000 SF
Leased 02/19/2026
John Isaacs
David Stockel
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Life Sciences
Price Per Square Foot:$0
Total Square Footage:155,000 SF
Transaction Type:Lease

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.

Players

John Isaacs
CBRE
John Isaacs
9 deals
BROKER
David Stockel
CBRE
David Stockel
8 deals
BROKER
Innovo Property Group
Innovo Property Group
LANDLORD

Details

LEASED
IMAGE: David Stockel, Andrew Chung & John Isaacs DATE: 02/19/2026 ADDRESS: 24-02 49th Avenue MARKET: Long Island City ASSET TYPE: Life Sciences ~ SF: 155,000 LANDLORD: Andrew Chung - Innovo Property Group (@Innovo_Property_Group) TENANT: New York City Department of Environmental Protection BROKERS: David Stockel (@ DStockelNYC) & John Isaacs - CBRE (@CBRE) LEASE TERM: 20‑year term NOTE: NYC’s Department of Environmental Protection is relocating its Queens offices and lab to a 155K‑SF, 20‑year lease at 24‑02 49th Avenue in Long Island City, arranged by DCAS and owned by Innovo Property Group. The move from a smaller Flushing facility aims to support DEP’s staffing and lab needs, though it’s unclear if the relocation ties to ongoing Newtown Creek Superfund cleanup efforts.

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Deal Type
Effective Rent (Annual)

$8,884,506.47

Total Lease Value

$88,845,064.66

Net Landlord Cash Flow$8,884,506.47