Corrugated box manufacturer Norampac is selling its Maspeth factory complex on Grand Avenue for $72 million, according to Greiner-Maltz, which is marketing the property.
The site is home to three buildings and additional land. The entire complex has development potential with up to approximately 770,000 square feet of buildable space, while the structures on the site are using about 320,000 square feet.
The box maker plans to buy and lease back the property while planning to build a larger, more efficient facility in the neighborhood to accommodate increased business, said John Maltz of the real estate firm.
The property has already seen interest from food distributors and lumber companies among others, Maltz said.
The largest structure on the compound is a two-story manufacturing and office building with a basement and penthouse located at 55-15 Grand Ave. It was constructed in 1925 and each floor of the structure has more than 100,000 square feet of space, while the penthouse level has about 8,000 square feet and the basement has 8,685 square feet.
On the same lot as the main building is a 29,590-square-foot structure and the final building has 71,953 square feet of space with loading docks located at 56-19 Grand Ave.
There is also 90,000 square feet of additional paved land on the site, primarily used for parking space and loading access.
Click here for more information about the listing.
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