Sitex Group Acquires Industrial Property In Maspeth From Steinberg Family For $50M

The industrial property located at 58-80 Borden Avenue in Maspeth has been sold for a price of $50,000,000. This property spans across 3.37 acres and has a total square footage of 146,700. The transaction was completed on 11/02/2021, with Sitex Group as the buyer and the Steinberg family as the seller. The property is classified under tax class 4 and has a floor area ratio (FAR) of 0.22. The lot size measures 146,700 square feet, with dimensions of 203 ft x 636 ft. The sale included permits for a sign, issued on 08/17/2005.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $50,000,000
• Market: Maspeth
• Acres: 3.37

The transaction was facilitated by David Junik, Decio Baio, and James Tack from Pinnacle Realty, representing the buyer, Sitex Group. The brokerage agency played a crucial role in the successful completion of the deal.