Sitex Group signs $34.5M acquisition loan with CIT Bank for industrial in Maspeth

Sitex Group through the entity Cpi/Sitex Maspeth Industrial Owner, L.L.C. as borrower signed an acquisition loan with lender CIT Bank valued at $34.5 million for the industrial (F1) at 58-80 Borden Avenue in Maspeth, Queens.
The deal closed on October 29, 2021 and was recorded on December 2, 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 loan price per built square foot is $1,091 and the price per buildable square foot is $235 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 29, 2021, for $49.5 million.

Part of the loan is also a rehab loan.
Within a 400-foot radius of 58-80 Borden Avenue, PincusCo 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 the 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 development site (V1) on Borden Avenue on April 16, 2021.

Direct link to Acris document. link