Sitex Group pays $49.5M for industrial dev site in Maspeth

Sitex Group through the entity Cpi/Sitex Maspeth Industrial Owner, L.L.C. paid $49.5 million to Salem Truck Leasing through the entity 30 East 98th Street, LLC for industrial (F1) at 58-80 Borden Avenue in Maspeth, Queens.
The deal closed on October 29, 2021 and was recorded on November 16, 2021.
The property has 31,600 square feet of built space and 114,426 square feet of additional air rights for a total buildable of 146,700 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,566 and the price per buildable square foot is $337 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 seller bought the property on January 12, 2004, for $4.5 million.
The signatory for Salem Truck Leasing was Jared Steinberg and Scott Steinberg. The signatory for Sitex Group was Brian Milberg.

The Real Deal identified Pinnacle Realty of New York’s David Junik was the broker.

Within a 400-foot radius of 58-80 Borden Avenue, PincuscC identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which InSite Property Group bought a development site (V1) on Borden Avenue for $18 million from Home Depot on April 16, 2021.
One of those two items was a loan which InSite Property Group borrowed $25.8 million from Valley National Bank secured by the that development site (V1) on Borden Avenue on April 16, 2021.

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