Seagis signs $20.8M initial loan with JPMorgan Chase for industrial in Maspeth

Seagis Property Group through the entity Spg 49th Place LLC as borrower signed an initial loan with lender JPMorgan Chase valued at $20.8 million for the industrial building at 57-00 49th Place in Maspeth, Queens.
The deal closed on February 11, 2022 and was recorded on March 2, 2022.
The property has 66,900 square feet of built space and 119,472 square feet of additional air rights for a total buildable of 186,676 square feet according to PincusCo analysis of city data. The loan price per built square foot is $310 and the price per buildable square foot is $111 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 owner bought the property on December 12, 2017, for $23 million.
The signatory for Seagis Property Group was Timothy E. McKenna.
The 66,900-square-foot property generated revenue of $1 million or $15 per square foot, according to the most recent income and expense figures.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. One of the projects were to change the building from a COM to a S-1.
Timothy E. McKenna is the CFO of Seagis Property Group.
In Maspeth, the bulk, or 46 percent of the 38.7 million square feet of built space are 1-4 family buildings, with industrial buildings next occupying 39 percent of the space. In sales, Maspeth has 1.9 times the average sales volume among other neighborhoods with $538 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Maspeth has 1.9 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Queens. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
On the tax block, the majority, or 100 percent of the 1.3 million square feet of built space are industrial buildings.

Direct link to Acris document. link