Location of 59-02 Borden Ave (PropertyShark parcel map)
New York-based Kaymac Corp. has contracted Pinnacle Realty to market its property at 59-02 Borden Ave.
The 7-acre site is located right off the Queens Midtown Expressway and houses a 202,000-square-foot mixed-use industrial/office facility that is triple-net-leased to the Coca-Cola Bottling Co.
According to The Real Deal, the lease expires in three years and the property is being marketed as a potential new development opportunity on the growing Queens commercial real estate market.
The PropertyShark-aggregated city data regarding 59-02 Borden Ave. shows that the building houses 12,545 square feet of office space and 189,505 square feet of factory/manufacturing space, with a total allowed usable floor area of 316,200 square feet – that leaves almost 114,000 square feet yet to be developed.
TRD sources that are familiar with the site expect that the property could sell for upwards of $70 million.
Coca-Cola also has a presence on the New York City office market – the soda manufacturer owns the 313,000-square-foot office building at 711 Fifth Ave and leases two floors at the 28-story building at 261 Madison Ave.