Cushman & Wakefield, on behalf of Fresh Property I, LLC., has sold the FreshDirect facility at 23-30 Borden Avenue, located between 23rd and 25th Streets in the Long Island City neighborhood of Queens. The facility was sold for $48,000,000 in an all-cash transaction.
Bob Knakal, Chairman, New York Investment Sales at Cushman & Wakefield exclusively represented the seller along with Jonathan Hageman and David Chkheidze. "We were thrilled to represent FreshDirect in the sale of this tremendous asset in Long Island City,” said Knakal.
Scott Rosen, Principal at Akron Trotter Property Group represented the buyer, Atlas Capital. “Atlas has acquired a best-in-class asset with tremendous future upside,” added Rosen.
The property totals approximately 276,705 square feet on a 654’ x 329’ irregular lot, 90% of which includes state-of-the-art material management and refrigeration/freezer systems.
Since acquiring the property in 1999, FreshDirect has completed substantial capital improvements and upgrades to a majority of the building systems. Due to the current zoning designation the maximum FAR is 2.0 which translates into a total buildable square footage of 406,552 or an additional 129,847 square feet of development rights.
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Neighborhoods: Long Island City