Successful Sale of 23-30 Borden Avenue in Long Island City, Queens
Bob Knakal and his team successfully closed the sale of 23-30 Borden Avenue, an expansive industrial development site in Long Island City. The property, owned by FreshDirect, was sold to Atlas Capital for $48,000,000.
This significant transaction highlights Bob’s expertise in navigating complex deals and securing favorable terms for sellers in high-demand neighborhoods like Long Island City.
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Sale Details
The industrial development site at 23-30 Borden Avenue closed at a final sale price of $48,000,000, representing a price of $173.47 per buildable square foot (BSF). The property spans 203,236 square feet, with a buildable size of 276,705 square feet, making it a rare and valuable asset in the growing Long Island City market.
- Sale Price: $48,000,000
- Asset Class: Development, Industrial
- Lot Size: 203,236 square feet
- Buildable SF: 276,705
- Price per BSF: $173.47
- Sale Date: February 19, 2016
The deal was finalized despite several challenges, with Bob Knakal and his team leveraging their market expertise to ensure the seller’s objectives were met.
Property Details
23-30 Borden Avenue is an industrial development site located in Long Island City, Queens. The property offers tremendous potential for large-scale development, thanks to its substantial lot size and proximity to key transportation hubs and commercial centers.
- Full Address: 23-30 Borden Avenue, Queens, NY
- Zoning: Industrial/Development
- Stories: 0
- Neighborhood: Long Island City
Market Strategy and Leverage
Bob Knakal’s strategy focused on showcasing the property’s development potential to a targeted pool of buyers, including developers specializing in industrial and mixed-use projects. By highlighting the property’s sizable lot and advantageous zoning, Bob and his team generated competitive interest, culminating in a deal that exceeded initial expectations.
Neighborhood Overview
Long Island City has emerged as a premier location for industrial and development projects, with several characteristics making it highly desirable:
- Proximity to Manhattan: Minutes from Midtown Manhattan via public transportation and roadways.
- Growing Commercial Demand: Increasing interest from businesses and developers due to its strategic location.
- Industrial Legacy: A neighborhood with a history of supporting industrial and commercial uses, transitioning into a hub for modern development.
Conclusion
The sale of 23-30 Borden Avenue underscores Bob Knakal’s commitment to delivering results for his clients. By utilizing his market knowledge and strategic approach, Bob secured an exceptional outcome for FreshDirect, maximizing the value of this unique industrial site.
Testimonial
“Bob Knakal and his team did a great job representing our interests in this transaction. There were hurdles to overcome, but they never stopped pushing for the best deal possible and, ultimately, they were able to find a buyer who was willing to meet all of our objectives. Throughout the process, Bob was always available, seven days a week, to answer any questions and to guide our strategy. We are thrilled with the results.”
– Jason Ackerman, Co-Founder & Chief Executive Officer, FreshDirect
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