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Fresh Direct Long Island City Site Said to Sell for $48 Million

  • Warehouse buyer said to be developer Atlas Capital Group
  • Second-highest price in Queens for non-residential conversion

Online grocer Fresh Direct LLC sold its longtime home in the Long Island City section of Queens to a developer, drawing an outsized price for a property in a rapidly gentrifying area, even though it can’t be converted into residences.

The 276,705-square-foot (25,707-square-meter) warehouse at 23-30 Borden Ave. sold Thursday for $48 million, according to a person with knowledge of the property. The buyer is Atlas Capital Group LLC, an owner and developer of office, residential and retail properties in New York, Los Angeles and Miami, said the person, who asked not to be identified because the deal hasn’t been made public. The price is the second-highest ever paid for an industrial property in Queens that isn’t being turned into homes, according to research firm Real Capital Analytics Inc.