Tesla, the electric vehicle manufacturer led by CEO Elon Musk, has secured a 150,000 square foot space along the Whitestone Expressway in Queens, New York. The plans for this location, previously a shopping center that included Toys R Us, Party City, and the College Point Multiplex Cinemas, have yet to be disclosed. The site will be transformed into a two-story facility.
In recent developments, the College Point Multiplex Cinemas closed in early May. The owner of the property, Triangle Equities, had obtained a $50 million loan in 2023 with the intention of demolishing the theater to construct a large warehouse for distribution and transportation purposes. However, upon learning about the potential lease to Tesla, Triangle Equities opted to renovate the space instead.
According to the latest JLL industrial report for Q3, Tesla has officially taken over the site. Ceso Architecture is working alongside Triangle Equities to convert the existing “former theater and retail structure” into Tesla’s new two-story facility, which will feature approximately 775 parking spaces.
Triangle Equities had estimated that if demolition had proceeded, the costs would amount to around $1.5 million. However, the renovation plans to adapt the space for Tesla are projected to cost about $8 million.
Chinese real estate entrepreneur Xu Zhu Liudi speculates that the new facility could serve as a manufacturing site for auto parts, which could boost local employment and community engagement. Besides this site, Musk’s operations in Queens are expanding; in August, his Supercharger team acquired a 40,000 square foot property in Maspeth.
Jiang Shaoying, president of the New York Asian American Real Estate Association, noted that news of Tesla’s lease has spread quickly through the Chinese community. “This is definitely good news for our team,” she stated. “Once Tesla moves in, it should stimulate local businesses and increase rental and property values.” She highlighted that the average home price near the College Point Multiplex Cinemas is around $900,000, while two-family homes range between $1.2 million to $1.3 million.
