E
lon Musk's electric car company, Tesla, has leased a significant space at 30-02 Whitestone Expressway in College Point, Queens. The 150,000-square-foot site was previously home to a Toys-R-Us, Party City, and movie theater, which is now being renovated instead of demolished as initially planned. Financial details of the lease are not disclosed.

    The property, built in 1999, had been slated for demolition until Triangle Equities opted to renovate it. The company will collaborate with Ceso Architects on the build-out for Tesla. The new development at the site will include a retail and manufacturing space with over 700 parking spots.

    Tesla's lease comes after the company acquired a nearby site in Maspeth, Queens, for $18 million. The automaker has only one service center in Queens, located in Long Island City. Triangle Equities purchased the College Point property from the city for $9.8 million in 2000 and secured an $50 million loan on the property last year.

    Tesla's direct sales model, which allows consumers to buy cars directly from the company rather than through dealerships, has been a point of contention with New York state law. The carmaker eventually reached a deal with the Cuomo administration in 2014 to settle the matter and was allowed to keep its existing showrooms.