GLP Capital pays $63M to InSite Property for 68% stake in Maspeth industrial site
59-20 Borden Avenue (Credir - Google)
GLP Capital Partners through the entity Securespace Gs Borrower LLC paid for a 68 percent stake in the property valued at $63 million to InSite Property Group through the entity Securespace Holdings LLC for property at 59-20 Borden Avenue in Maspeth, Queens.
The deal closed on August 17, 2022 and was recorded on September 23, 2022.
The seller bought the property on March 29, 2021, for $18 million.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer GLP Capital Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller InSite Property Group purchased five properties in five transactions for a total of $60.9 million and sold one property in one transaction for a total of $33.1 million over the same time period.
The property
PincusCo cannot determine the lot area of the 59-20 Borden Avenue parcel at this time. The city-designated market value for the property in 2022 is $2.1 million.The most recent loan totaled $25.8 million and was provided by Valley National Bank on March 29, 2021.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $39,375 in ECB penalties in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of seven of the 12 commercial properties representing 38,630 square feet of the 186,925 square feet. The largest owner is Sitex Group, followed by Liberty Coca-Cola Beverages and then InSite Property Group.
There are three active new building construction projects totaling 322,149 square feet. The largest is a 302,594-square-foot S-1 building developed by Bruce Talvy with plans filed May 21, 2020 and permitted June 30, 2020. The second largest is an 11,994-square-foot M building developed by Michael Berfield with plans filed November 1, 2019 and permitted November 17, 2020.
The majority, or 99 percent of the 186,925 square feet of built space are industrial buildings, with retail buildings next occupying 1 percent of the space.
The seller
The PincusCo database currently indicates that Insite Property Group owned at least four commercial properties in New York City with 87,404 square feet and a city-determined market value of $16.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 87,404 square feet of built space are industrial properties, with development properties next occupying 0 percent of the space. The bulk, or 64 percent of the built space, is in Queens, with Manhattan next at 33 percent of the space.
The buyer
The PincusCo database currently indicates that Glp Capital Partners owned at least one commercial property in New York City with 42,000 square feet and a city-determined market value of $3.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Queens.
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