Sitex, Carlyle Group signs $7M acquisition loan for dev site in Maspeth

Sitex Group and Carlyle Group through the entity Cpi/Sitex 54-12 48th St Industrial Owner, L.L.C. as borrower signed a acquisition loan with lender Lake Forest Bank & Trust Company through the entity Lake Forest Bank & Trust Company, N.A. valued at $7 million for the development site currently occupied by a retail building (K7) at 54-12 48th Street in Maspeth, Queens.
The deal closed on October 21, 2021 and was recorded on December 6, 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 loan price per built square foot is $1,866 and the price per buildable square foot is $93 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 October 21, 2021, for $11.6 million.
The signatory for Sitex Group and Carlyle Group was Brian D. Milberg.

Carlyle Group acquired an interest in the property, valued at $11.55 million, at the same time as the financing.

Direct link to Acris document. link