InSite Property Group Acquires Maspeth Dev Site From Home Depot For $18M

A development site located at 59-02 Borden Avenue in Maspeth has been sold for $18,000,000. The property, with a lot size of 202,861 square feet, is zoned as M1-1 according to the latest available information. The buyer of the property is InSite Property Group, while the seller is Home Depot. The sale price equates to a price per buildable square foot of $56, with a total buildable square footage (BSF) of 316,200.

Summary of transaction details

• Property Type: Development site
• Sale Price: $18,000,000
• Buyer: InSite Property Group
• Seller: Home Depot
• Lot Size: 202,861 square feet
• Zoning: M1-1
• Buildable Square Footage (BSF): 316,200
• Price per Buildable Square Foot (PPBSF): $56

The transaction involved alteration permits of type 2, which were obtained on December 30, 2020. The lot dimensions of the property are 399 feet by 376 feet. The tax class of the property is classified as 4, and the floor area ratio (FAR) is 1, indicating its commercial usage.