Sitex Group Acquires Development Site In Maspeth For $8.19M

A development site located at 54-12 48th Street in Maspeth has been sold for a price of $8,190,000. The property is zoned as M2-1 and has a lot size of 37,250 square feet. The building floor area is approximately 74,500 square feet, resulting in a price per buildable square foot of $109. This sale marks a significant increase from the previous transaction for this property, which took place on October 1, 2006, with a sale price of $3,948,837. The site is eligible for tax class 4 and has a floor area ratio (FAR) of 0.10.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $8,190,000
• Zoning: M2-1
• Lot Size: 37,250 square feet
• Building Floor Area: 74,500 square feet
• Price per Buildable Square Foot: $109
• Tax Class: 4
• Last Sale Price: $3,948,837 (10/1/2006)
• Permits: Alteration type 2 (07/12/2012)
• Lot Dimensions: 111.66 ft x 241.56 ft

The buyer of this development site is Sitex Group, while the seller is JPMorgan Chase Bank. The transaction was finalized on the date of August 24, 2021. The deal also involved an alteration permit obtained on July 12, 2012, allowing modifications to the property. The dimensions of the lot are 111.66 ft x 241.56 ft.