Bridges Development pays $10M to Home Depot for dev site in Maspeth

Bridges Development Group through the entity Maurice Avenue Shoppes LLC paid Home Depot’s Home Depot U.S.A., Inc. $10 million for 59-19 Maurice Avenue, 59-01 Maurice Avenue in Maspeth. The deal closed on September 22, 2020, and was recorded on October 8, 2020. The transaction consists of 2 parcels, including the tax class non-residential vacant.

The contract date was May 31, 2018. The signatory for buyer was Michael Berfield, principal with Bridges.  Simultaneously with the sale, Bridges granted Home Depot a right of first offer agreement if the property comes up for sale. Bridges borrowed $10.5 million in a construction loan from Metropolitan Commercial Bank.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one new building permit application totaling 136,084 square feet.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Michael Berfield