The owner of the Coca-Cola bottling plant in Maspeth has popped the top on a deal and sold the 7.3-acre site at 59-02 Borden Ave. to Home Depot for $63 million dollars.
According to The Real Deal, Home Depot will now look into either keeping the 202,000-square-foot plant and refitting it to become one of their box stores, or constructing a brand-new, smaller, building — between 100,000 to 130,000 square feet — on the site to conduct their operations.
Property owner Kaymac Corp. put the site on sale for more than $70 million back in April, before closing on the deal with Home Depot earlier this week.
Coca-Cola confirmed the sale of the bottling plant in a statement.
“The production facility Coca-Cola Refreshments currently leases in Maspeth has been sold by the building’s owner, Kaymac Corporation,” said Francis McGorry, president, Tri-State Metro Operating Unit at Coca-Cola Refreshments. “Coca-Cola has a proud history in Maspeth and a longstanding commitment to New York City. We look forward to continuing to operate in New York and are evaluating our options to ensure we continue to provide world-class service to our customers and the people who enjoy our beverages.”
The immediate future of the bottling plant, however, is unclear.
The building is currently triple-net-leased to Coca-Cola until March 2020, but the new owners may want to move in before that time.
A spokesperson for Coca-Cola said that it will be “business as usual” for the bottling plant and its 118 employees until a decision is made.