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Home Depot sells Queens development site

59-02 Borden Avenue in Maspeth (Credit: CoStar Group)

Self-storage developer InSite Property Group has acquired a 102,500-SF development site at 59-02 Borden Avenue in Maspeth, Queens from Home Depot for $18 million, according to city records. The sale represents a piece of a larger lot, which had been the site of a Coca-Cola bottling plant, that Home Depot bought for $63 million in 2018 to build a store.

Backdrop: The home improvement company had announced plans to build a 6-story self-storage building on its own last year, but the project became a source of contention for Queens community groups. Nevertheless the city granted a special permit last year to allow the plan to go forward, and the new building is under construction, Crain’s noted.

Financing: The developer borrowed $26 million from Valley National Bank to finance the project.

Worth Noting: Critics of the new project reportedly were concerned that a self-storage facility would create few jobs and that the rezoning would displace small manufacturing and industrial businesses. 

Be Smart: The sector has fared well through the pandemic, and has long relied on what some insiders describe as the four D’s: death, disaster, displacement, and divorce. [Crain’s+InSite]

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