FreshDirect sells its LIC site for $48M in a near-record breaking transaction

FreshDirect's manufacturing complex in Long Island City was sold for $48 million.
Photo courtesy of Cushman & Wakefield

Online grocery shopping company FreshDirect has sold its facility in Long Island City to Atlas Capital Group.

The $48 million price tag is the second-highest paid for an industrial property in Queens, The Real Deal reported. The 276,705-square-foot property, located at 23-30 Borden Ave., was put on sale last February as the online grocer prepares for a move to South Bronx.

The grocer bought the manufacturing and storage complex in 1999 and will look to lease the site from Atlas Capital Group for one year as it makes the transition to the Bronx.

The property is zoned for manufacturing purposes, but an additional 129,847 square feet of unused development rights may change the scope of future projects and allow for other uses if zoning changes were approved.

Atlas Capital Group also owns The Factory, 1.1-million-square-foot building on 47th Avenue. Polo Ralph Lauren recently leased space in the former Macy’s furniture warehouse.

Bob Knakal, chairman of New York Investment Sales for Cushman & Wakefield and David Chkheidze represented FreshDirect in the deal.