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Deals & Dealmakers

Developer involved in Queens’ first supertall buys two buildings for $10.2M

Brian Pun, who is involved in developing Queen’s first supertall tower, has just bought two buildings in Hunters Point for $10.2 million.

The property, which has a 10,215 s/f lot, is composed of two adjacent parcels located on 2-23 Borden Avenue and 2-24 51st Avenue. The bigger building, 2-23 Borden Avenue, is a two-story mixed-use over industrial building with 53 feet of frontage on Borden Avenue. Meanwhile, 2-24 51st Avenue is a one-story industrial building with 84.5 feet of frontage.

“It’s close to the Gentry Park Landing and on the main road leading to the Hunts Point South project which is expected to become a major retail strip. This area is on the upswing and offers tremendous exposure and value compared to Manhattan,” said Marcus & Millichap broker Wook Chung.

This is not Pun’s first transaction in Hunters Point. Last December, he sold 49-18 Van Dam Street, a two-story industrial building, for $20 million.

The Borden and 51st Avenue parcels have 14,269 s/f of rentable space and 6,161 s/f of unused development rights. According to a press release, the site’s zoning allows for residential, commercial and community facility uses. The property was delivered vacant. The seller is a company called Gold Seal Limousine.

Pun is also involved in building the City View Tower, a 79-story building that is expected to be 984 feet tall. The property, which is being built at 23-15 44th Drive in the Court Square area of Long Island City, may be 330 feet higher than the previous record holder One Court Square.

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