Carlyle Group acquires from Sitex Group stake in $11.6M in Maspeth dev site

The Carlyle Group through the entity Cpi/Sitex 54-12 48th St Industrial Owner, L.L.C. paid $11.6 million to Sitex Group through the entity 48th Street Sg LLC for retail building (K7) which is a development site at 54-12 48th Street in Maspeth, Queens.
The signatory for both the buyer and seller entities was Brian Milberg, CEO of Sitex. The deed does not indicate a partial interest sale. The buyer entity name “Cpi/Sitex 54-12 48th St Industrial Owner, L.L.C.” and the signatory indicate Carlyle Group bought a controlling interest and Sitex remains a partial owner.
The deal closed on October 21, 2021 and was recorded on November 5, 2021.
The property has 3,750 square feet of built space and 70,775 square feet of additional air rights for a total buildable of 74,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $3,080 and the price per buildable square foot is $155 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
Sitex bought the property on August 24, 2021, for $8.2 million from JPMorgan Chase Bank, which had a retail bank location at the site.

Within a 400-foot radius of 54-12 48th Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a permit issued on August 31, 2021 for the $341,460 renovation of an 11,382-square-foot S-2 building with no residential units at 54-15 48th Street.

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