Brian Milberg Acquires 58-80 Borden Avenue Industrial Property In Maspeth, Queens, For $49.5M

The industrial property located at 58-80 Borden Avenue in Maspeth, Queens has been sold in a transaction that took place on October 29, 2021. The property is zoned for industrial use (M1-1) and covers a lot size of 146,700 square feet. The building on the property has a total square footage of 32,274 and a price per square foot of $1,533. The total buildable square footage is 146,700, with a price per buildable square foot of $337. The property has a floor area ratio (FAR) of 0.22 and falls under tax class 4. The last recorded sale of the property was on January 12, 2004, for a price of $4,500,000. A permit for a sign was obtained on August 17, 2005. The lot dimension is 203 feet by 636 feet.

Summary of transaction details:

• Property Type: Industrial
• Sale Price: $49,500,000
• Buyer: Brian Milberg
• Seller: Jared Steinberg
• Buildable Square Footage: 146,700
• Price per Buildable Square Foot: $337
• Total Square Footage: 32,274
• Price per Square Foot: $1,533

The buyer, Brian Milberg, and the seller, Jared Steinberg, were the key individuals involved in this transaction. Their respective roles were as follows: Brian Milberg acted as the buyer's representative, while Jared Steinberg represented the seller. It is worth noting that the property was sold for a significant premium compared to its last recorded sale price in 2004. This transaction represents a substantial investment in the Maspeth, Queens industrial market.