Sitex Group Acquires Industrial Property In Maspeth Queens For $49.5M

An industrial property located at 58-80 Borden Ave in Maspeth, Queens has been sold in a closed transaction. The property, spanning 146,700 square feet, was purchased by Sitex Group for a total price of $49,500,000. The deal was facilitated by David Junik, Decio Baio, and James Tack from Pinnacle Realty of New York.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $49,500,000
• Address: 58-80 Borden Ave, Maspeth, Queens
• Market: Maspeth

Pinnacle Realty of New York represented the sellers in this transaction, which involved the sale of a 3.37-acre last-mile distribution site. The property's sale price translates to approximately $337 per square foot. The successful sale highlights the attractiveness of industrial assets in the Maspeth market, as Sitex Group recognized the potential of this property for their investment portfolio.