Terreno Realty pays $16M for LIC industrial owned for at least 54 years

Terreno Realty Corporation through the entity Terreno 60th Avenue LLC paid $16 million to the Galasso family’s Wickersham Realty, LLC for the industrial building (E1) at 11-40 Borden Avenue in Long Island City, Queens. The expected use is cash flowing.
The deal closed on June 18, 2025 and was recorded on June 27, 2025. The property has 36,100 square feet of built space and 45,879 square feet of additional air rights for a total buildable of 81,928 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $443 and the price per buildable square foot is $195 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for the seller was Nancy Galasso. The signatory for Terreno Realty Corporation was Hayes Graham . The contract date was May 9, 2025. Peter Galasso acquired the property in or before 1972.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Terreno Realty Corporation purchased 27 properties in seven transactions for a total of $506.9 million and has no record it sold any properties over the past 24 months.
The seller Nancy Galasso had not purchased any other properties and had not sold any properties over the same time period. The 36,100-square-foot property generated revenue of $630,196 or $17 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Long Island City has 36,100 square feet of built space and 45,879 square feet of additional air rights for a total buildable of 81,928 square feet according to a PincusCo analysis of city data. The parcel has frontage of 258 feet and is 128 feet deep with a total lot size of 40,964 square feet. The lot is irregular. The zoning is M3-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $5.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $6,000 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Long Island City, The bulk, or 32 percent of the 60.1 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 31 percent of the space. In sales, Long Island City has 3.5 times the average sales volume among other neighborhoods with $929.3 million in sales volume in the last two years and is the highest in Queens. For development, Long Island City is the 8th most active neighborhood among other neighborhoods. It had 5.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 10 commercial properties representing zero square feet of the 127,250 square feet. The two identified owners are Madbury Capital and Lirr.
On the tax block, there was one new building construction project filed totaling 2,169 square feet. It is a 2,169 square-foot storage (S-1) building submitted by Joshua Hotvet with plans filed August 10, 2021 and permitted April 11, 2022.

The majority, or 100 percent of the 127,250 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Terreno Realty Corporation owned at least 31 commercial properties in New York City with 1,045,822 square feet and a city-determined market value of $112.6 million. (Market value is typically about 50% of actual value.) The portfolio has $72.9 million in debt, borrowed from Apollo Global Management. Within the portfolio, the bulk, or 93 percent of the 1,045,822 square feet of built space are industrial properties, with office properties next occupying 7 percent of the space. The bulk, or 65 percent of the built space, is in Queens, with Brooklyn next at 35 percent of the space.

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