The Sitex Group has secured a $39.4 million loan to refinance an Industrial Outdoor Storage (IOS) site in Queens, according to reports from Commercial Observer. Lake Forest Bank & Trust Company provided the financing for the 146,583-square-foot IOS property at 58-80 Borden Avenue in Maspeth.
Sitex acquired the property in late 2021 from the Steinberg family for $50 million, as previously reported by Traded. The site at 58-80 Borden Avenue borders the Long Island Expressway and includes 26,619 square feet of building space, JLL announced, which negotiated the financing.
Lease Agreement with the New York City Fire Department
In February 2023, the New York City Fire Department signed a 20-year lease for a new garage and repair facility on the site, as the Commercial Observer reported at the time. JLL arranged the financing with a capital markets team led by Jillian Mariutti and Alex Staikos.
Alex Staikos commented that industrial financing is becoming increasingly property-specific. Lenders are focusing on location, tenant creditworthiness, lease term, and the property's relevance to the tenant's operations. Zach McHugh, Principal at the Sitex Group, highlighted that 58-80 Borden Avenue represents an outstanding example of the type of industrial property they continue to target in high-barrier-to-entry markets such as New York City.
Market Data and Development in New York City
The industrial market in New York's Outer Boroughs comprises nearly 138 million square feet with a vacancy rate of 6.3 per cent. This is according to JLL's "Second-Quarter 2026 Northeast Industrial Region Outlook Report". Average rents for Class A industrial properties in these boroughs amounted to $35.23 per square foot. By the end of the second quarter, only 802,409 square feet of industrial space was under construction, as the JLL analysis also indicated. Lake Forest Bank & Trust Company initially did not respond to a request for comment.
