REAL ESTATE Photo courtesy of Cushman & Wakefi eld CITIGROUP SELLING HUGE LIC DEVELOPMENT SITE BY LIAM LA GUERRE [email protected] @liamlaguerre Citigroup, which is known for building One Court Square — the city’s tallest building outside Manhattan — is looking FreshDirect selling mega LIC facility ahead of Bronx move BY LIAM LA GUERRE [email protected]/@liamlaguerre As online grocer FreshDirect is getting ready to pack up and exit Long Island City, the company is listing its massive Queens waterfront GOT A HOT REAL ESTATE STORY IN QUEENS? Contact Liam La Guerre Real Estate Editor EMAIL: [email protected] TWITTER: @liamlaguerre facility for sale. FreshDirect has hired Cushman & Wakefi eld to sell its facility at 23-30 Borden Ave. ahead of its move to the South Bronx, which was approved last year. The grocer bought the facility in 1999 and is hoping to sell and then lease back the property from the new owners for about a year while it begins to wind down operations in Queens. The manufacturing and storage complex is in high demand because of recent trends in city real estate, according to Bob Knakal, chairman of New York Investment Sales for Cushman & Wakefi eld, who is heading marketing for the property with David Chkheidze. “In recent years, the progression of the New York City real estate market has exerted upward pressure on the value of repositioning the city’s once-thriving industrial, warehouse and manufacturing properties,” Knakal said. “As a result, the demand for this product type has never been greater and continues to attract the attention of a rapidly transforming distribution industry.” Knakal said the property would be good for a number of uses, including distribution, beverage or warehouse businesses, as well as investors that hopes the land could be rezoned.The facility is zoned for manufacturing, but has lots of room for further development. The complex currently has about 276,705 square feet of space and up to 406,552 buildable square feet. to sell a massive development site near the tower, according to a published report. The nearly one-acre development site in Long Island City, which takes up about half a block and is bounded by 44th Road, 23rd Street and 44th Drive, is being marketed by Jones Lang LaSalle. The lot has up to 780,000 buildable square feet and could sell for as much as $150 million, according to the New York Times. Current zoning at the site allows for it to be developed into a mixed-use building with space for residential, retail, hotel or offi ce space. THE COURIER/Photo by Liam La Guerre One Court Square
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