23-30 Borden Avenue, Long Island City, NY 11101-4515

Long Island City, Long Island City, New York 11101-4515

$110,000,000  

Listing ID Number

25279

Property Description

Cushman and Wakefield has been retained on an exclusive basis to arrange for the sale of a 276,705 square foot industrial facility located at 23-30 Borden Avenue in Long Island City, New York (the “Property”). The Property currently serves as the headquarters of FreshDirect, one of the metro area’s leading online grocer’s, and features state-of-the-art refrigeration and exceptional last-mile distribution capabilities. Currently, FreshDirect is operating under a below market NNN lease through January 2019 providing ample planning time for users and investors to re-tenant or reposition the asset while collecting over $2M in revenue.
The Property also includes an irreplaceable 5,760 square foot digital billboard, featuring direct visibility to 90,000+ daily drivers traveling along the Long Island Expressway. With virtually no competition, the billboard represents a truly remarkable opportunity and supplemental revenue stream.
The current M3-2 zoning designation permits a maximum FAR of 2.2, which translates into a total buildable square footage of approximately 448,346 or approximately an additional 171,641 square feet of development rights. The overall potential for the Property is virtually endless, having the ability to appeal to a variety of different end users and investor groups.
Most notable is the Property’s ideal last-mile location, having direct access to all of New York City’s major distribution channels including the Pulaski Bridge and Brooklyn Queens Expressway serving the hottest neighborhoods of Brooklyn, the Midtown Tunnel servicing Manhattan, and the Long Island Expressway connecting to the affluent communities on Long Island. Finally, the property represents the only large format industrial space with a potential rail spur and the multiple communities it can serve.

Overview

Building Type:Industrial
Location:On the south side of Borden Avenue between 23rd and 25th Streets
Block/Lot:68/38
Lot Dimensions:654' x 329'
Lot Sq Ft:203,794
Buildable Sq. Ft:448,346
Available Air Rights:171,641
Zoning:M3-2
FAR:2.2
Building Sq Ft:276,705
Building Dimensions:640' x 299'

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Robert A. Knakal
Chairman, New York Investment Sales
(212) 660 7777
robert.knakal@cushwake.com

Adam Spies
Chairman
(212) 841 5903
adam.spies@cushwake.com

Jonathan Hageman
Executive Managing Director
(212) 660 7773
jonathan.hageman@cushwake.com

Adam Doneger
Executive Managing Director
(212) 841 5931
adam.doneger@cushwake.com

George D'Ambrosio
Director
(212) 660 7790
george.dambrosio@cushwake.com


Property Images

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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.