BY JON CRONIN
The Maspeth Coca-Cola bottling plant’s 7.3-acre property was recently acquired by big box home improvement giant Home Depot in a $63 million deal.
The lot, located at 59-02 Borden Ave., had been owned by the Kaymac Corporation—which will not renew Coca-Cola’s lease in 2020—since the 1950s.
According to an article in the Real Deal, the property, located near the Long Island Expressway, has 316,200 buildable square feet with a 202,000-square-foot warehouse that could be torn down or the big box store could renovate it.
The owners hired Pinnacle Realty team to sell the site, which was initially suspected to sell for more than $70 million.
“This thing is a long way off,” said Stephen Holmes, a spokesman for Home Depot. “We haven’t set up plans for it yet.”
He confirmed that the average size of a Home Depot store is approximately 104,000 square feet with an additional 35,000 square feet for an outside garden facility. The Manhattan stores are almost the same size at a little under 100,000 square feet.
Holmes confirmed that Home Depot occasionally buys land, builds a store and leases land to other retailers. He then reiterated, “There are no specifics at this point.”
In the Real Deal article, Francis McGorry, president of Coca-Cola Refreshments, confirmed the sale of the site.
The article stated that the beverage giant will continue to operate its other location in Maspeth, while possibly moving the Borden Avenue location to Westchester.
“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,” McGorry said.