JPMorgan Chase sells Maspeth dev site to Sitex Group for $8.2M

Sitex Group through the entity 48th Street SG LLC paid $8.2 million to JPMorgan Chase Bank for the development site (V9) at 54-12 48th Street in Maspeth, Queens.
The deal closed on August 24, 2021 and was recorded on September 10, 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 $2,184 and the price per buildable square foot is $109 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.)

The signatory for JPMorgan Chase was Joshua Walker. The signatory for Sitex Group was David Friedman.

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 11,382-square-foot S-2 building with no residential units at 54-15 48th Street.

Correction: An earlier version of this post incorrectly connected the signatories with the entities that bought and sold the properties. 

Direct link to Acris document. link