Adirondack Capital arranges $16 million sale of 11-40 Borden Ave.

Queens, NY Adirondack Capital Partners arranged the $16 million sale of 11-40 Borden Ave., a two-story, 36,000 s/f industrial property located in Long Island City.

Chad Sinsheimer, partner at Adirondack Capital Partners, served as the exclusive broker to both the buyer and the seller in the all-cash transaction. The property was acquired by Terreno Realty Corp.from Wickersham Realty LLC, which has owned the property for more than 50 years. The sale represents a 4.4% capitalization rate, reflecting ongoing investor demand for high-quality, well-leased assets in prime urban submarkets. 

“11-40 Borden Ave.’s prime location and long-term ownership history made this a rare opportunity — it hadn’t traded in over 50 years,” said Sinsheimer. “This deal reflects the enduring strength of Long Island City’s industrial market. Even as the broader commercial real estate sector faces headwinds, well-located, income-producing assets continue to draw strong interest from both institutional and private buyers. We were pleased to represent both sides and help bring the deal to a successful close.”

11-40 Borden Ave. has long-term upside and a stable tenant. Located adjacent to the Midtown Tunnel, the property is five minutes from Manhattan. Built in 1960, 11-40 Borden Ave. has over 4,000 s/f of parking and is occupied by construction distribution company, Distribution International.

This transaction, along with the upcoming $42 million sale of the Plug Power GenDrive Global Manufacturing Facility in Slingerlands, NY, underscores Adirondack Capital Partners’ continued expansion into strategic industrial, infrastructure, and logistics-oriented assignments across major U.S. gateway markets.