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The New York City Fire Department is taking 200,605 square feet of industrial space in Queens for a new garage and repair facility, according to the Department of Citywide Administrative Services.
FDNY signed a 20-year lease for the space at 58-80 Borden Avenue in Maspeth, Queens, where it will occupy a two-story building and a large outdoor yard area, a DCAS spokesperson confirmed. The property, which abuts the elevated Long Island Expressway, includes a 31,600-square-foot warehouse and 170,000 square feet of parking.
The deal will begin once the landlord has finished renovating the property. The agency will pay an annual rent of $3.4 million ($17 a square foot) for the first five years; $3.9 million ($19 a square foot) for years six through 10; $4.5 million ($22 a square foot) for years 11 through 15, and finally $5.2 million ($26 a square foot) for the last five years, according to The City Record.
FDNY has the option to terminate the agreement in the 12th year, and at the end of the lease the department will have the option to renew for another 10 years at fair market rent. The landlord will contribute $200,000 toward renovating the building, or the city can choose to receive that money as a rent credit.
City officials signed off on the lease last week during a public hearing.
Pinnacle Realty’s Decio Baio, David Junik and James Tack have been marketing the property for the landlord, Sitex Group, while Yun Park of CBRE represented the city. Sitex purchased the property for $49.5 million in October of 2021, according to public records.
The Pinnacle Realty brokers and a CBRE spokesperson didn’t immediately return requests for comment.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
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