Final Mile @ Midtown Tunnel Long Island City, NY
Execute CAThe Offering
Address
21-32 Borden Avenue
Long Island City, NY 11101
As exclusive agent, Cushman & Wakefield’s National Industrial Advisory Group is pleased to offer Final Mile @ Midtown Tunnel for sale. This 26,881 square foot property located at 21-32 Borden Ave is leased to White Cap, one of the largest building suppliers in the nation, through March 2031. This ultimate infill property sits at the entrance to the Queens-Midtown tunnel among a population of 3.3 million consumers within five miles and is just minutes from the L.I.E, I-295, and Pulaski Bridge with connectivity across the NYC boroughs.
Final Mile @ Midtown Tunnel’s size and layout appeal to a wide variety of users with limited quality industrial options below 50,000 square feet in the boroughs market. White Cap, the current buildingsupply tenant, operates nearly 500 locations across North America and serves +200,000 customers spanning 15 construction trades. Their recent fiveyear renewal underscores their commitment to the property and importance of this location in servicing the broader NYC construction industry.
In-place rent is $30.86 PSF NNN vs a market rate of $34.00 PSF, in a competition constrained submarket with increasing demand and legislation that will further diminish the supply of space.
Investment Highlights
• At the entrance to the Midtown Tunnel; minutes from L.I.E, Pulaski Bridge, I-295
• One-turn access to Manhattan
• L.I.C: Most densely populated neighborhood in the U.S., > 35,000+ residents per square mile
• White Cap: One of North America’s leading specialty construction supply distributors
• 20+ years in occupancy, retail/wholesale operation + main NYC distribution center
• Recently renewed through March 2031
• +95% occupancy rate for buildings < 50,000 SF
• 93% of leases signed in 2025 were in buildings < 50,000 SF
• Perfect size, 18 foot clear, EPDM roof (warranty thru 2035)
• New L.I.C. leasing activity totals 649,000 SF YTD, 2x 2024’s full-year volume and highest total in last five years
• Asking rates exceed $34.00 PSF for small to mid-size infill product
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