Maspeth Industrial Property Secured $39.4 Million Loan
The industrial site at 58-80 Borden Avenue will continue hosting a long-term NYC Fire Department lease.
Updated on Oct. 14, 2026 in Commercial
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Lake Forest Bank and Trust Company has provided a $39.4 million refinancing loan for an industrial outdoor storage property in Maspeth. The 146,583-square-foot site is currently occupied under a 20-year lease by the New York City Fire Department.
Why it matters
The financing secures capital for a significant industrial asset, highlighting the continued demand for specialized storage space within New York City's outer boroughs. The deal supports the long-term utility of the site, which serves a critical city agency.
The Maspeth property, which Sitex Group purchased for $50 million in 2021, includes 26,619 square feet of building space on the larger 146,583-square-foot lot. Current outer borough Class A industrial rents average $35.23 per square foot.
The players
Sitex Group
An industrial real estate investment firm that focuses on acquiring and managing warehouse and outdoor storage properties.
JLL
A global commercial real estate services company that provides investment management and capital market advisory services.
New York City Fire Department
The city agency responsible for fire protection and emergency medical services that holds a long-term lease at the Maspeth property.
The details
JLL facilitated the debt financing through their capital markets team to support the property's ongoing operations. The site functions primarily as industrial outdoor storage, a segment of the market that remains active while 802,409 square feet of industrial space are currently under construction across the outer boroughs. This transaction leverages the stability provided by the existing long-term lease with the city's fire department.
Timeline
Late 2021: Sitex Group acquired the Borden Avenue property.
February 2023: The New York City Fire Department signed a 20-year lease for the site.
Q2 2026: JLL collected the industrial market data for the outer boroughs.
The Home Front
This refinancing reflects the ongoing activity within New York City’s 138-million-square-foot industrial market. It aligns with broader trends identified in the Q2 2026 JLL market report, which tracks vacancy and rental rates across the outer boroughs.
While this news involves a commercial industrial site, property owners in Maspeth may monitor local industrial vacancy rates to understand neighborhood commercial activity. Keep an eye on local development filings if you reside near large-scale industrial parcels.
The takeaway
The refinancing of this industrial site underscores the long-term value of properties leased by essential city services. Residents can stay informed on neighborhood commercial developments by reviewing local zoning and permit filings posted by the city.
Further reading
For broader trends in local business real estate, see the Commercial section.
Source note: This article includes information reported by Commercial Observer.
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