Galasso Trucking nearly doubles debt to $20M on commercial property in Maspeth

Galasso Trucking through the entity Patriot (2010) LLC as borrower signed a loan agreement with lender United Of Omaha Life Insurance Company valued at $20 million for 3 parcels, including the tax class unlicensed parking lot (G7) at N/A 56th Drive, N/A 56th Drive, and 49-25 Maspeth Avenue in Maspeth. The deal closed on February 25, 2021 and was recorded on March 17, 2021.
The property has 55,120 square feet of built space and available development rights.
The average loan per buildable square foot is $363.
The debt was nearly doubled with $10.97 million in new debt. The last time the property sold was June 29, 2006 for $6,500,000.
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