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6 LI Borders store leases coming up for auction

Gordon Brothers Group, part of a group of

Gordon Brothers Group, part of a group of liquidators leading the sales for Borders, says more than $700 million of the company’s inventory, including books, stationery, music and movies will be sold. (July 19, 2011) Photo Credit: Uli Seit

Leases for two empty Long Island storefronts -- vestiges of the bankrupt Borders bookstore chain -- will go on auction next week, and four more Borders lease auctions on the Island will follow in September.

Riverhead and Valley Stream stores are first.

The Valley Stream store, at the Green Acres Mall, only has a few months left on the lease. It's 6,487 square feet with an asking price of $19.82 a square foot for a lease expiring Jan. 31.

The Riverhead store, at 1500 Old Country Rd., is a much larger space with a long-term lease. It's 21,498 square feet, with an asking price of $20 a square foot, a lease expiring in 2019, and estimated annual costs of $115,452 for common-area maintenance, property taxes and landlord's insurance. 

Bids for the Riverhead and Valley Stream stores must be submitted by 3 p.m. Aug. 26, and those for the others, in the second round, by 3 p.m. Sept. 7.

The second round is for Borders stores in Bohemia, Farmingdale, Stony Brook and Syosset.

The Bohemia store, at 5151 Sunrise Hwy., has a lease expiring Aug. 31, 2012, for 19,809 square feet, with an asking price of $24.19 per square foot, and estimated annual costs of $119,239 for common-area maintenance, property taxes and landlord's insurance. 

The Farmingdale store, at Airport Plaza, has a lease expiring in May 2015 for 25,000 square feet, with an asking price of $18.15 per square foot and estimated annual costs of $241,633 for common-area maintenance, property taxes and landlord's insurance.

The Stony Brook Borders store, at 130 Nesconset Hwy., has a lease expiring Jan. 31, for 24,955 square feet, with an asking price of $25.26 per square foot and estimated annual costs of $206,885 for common-area maintenance, property taxes and landlord's insurance.

The Syosset store, at 425 Jericho Tpke., has a lease expiring in May 2013, for 26,650 square feet with an asking price of $24.50 per square foot and estimated annual costs of $286,739 for common-area maintenance, property taxes and landlord's insurance.

The auctions are being run by DJM Realty, in Melville, which has complete details on each of the Long Island locations and the rest of the approximately three dozen Borders in New York State and hundreds more nationwide.

The auction is to be held at the offices of Kasowitz Benson Torres & Friedman, LLP at 1633 Broadway in Manhattan.

The Chapter 11 bankruptcy case is in U.S. Bankruptcy Court for the Southern District of New York, in Manhattan.

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