Samuel Pure pays $13M to Spyro Avdoulos for property in Long Island City

Samuel Pure through the entity Palard Realty Corp. paid Spyro Avdoulos’ A. Borden LLC $13.2 million for 25-25 Borden Avenue in Long Island City. The deal closed on October 29, 2019, and was recorded on November 6, 2019. The transaction consists of 1 parcel, including the tax class miscellaneous manufacturing building (F9). The property is 39,500 square feet. The parcel(s) have total development potential of 44,900 square feet.
The average sale price per square foot is $293.
The estimated cap rate is 2.6%
Palard Realty sold a College Point parcel to Morgan Stanley Prime Property Fund’s Safeguard Storage for $15 million on October 1. Palard Realty is located at Samuel Pure’s other business, American Fixture & Display Corporation at a location in College Point.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $120,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $20,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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