Sitex continues buying spree with $36M industrial buy in Queens

Firm has closed on $200M in acquisitions over the last few months

TRD New York /
Feb.February 15, 2019 04:30 PM

66-31 Otto Road, 66-35 Otto Road, and 67-25 Otto Road in Queens (Credit: Google Maps)

After the Sitex Group sold a Red Hook logistics site for a whopping $303 million, the industrial real estate firm has gone on a buying spree.

Most recently in New York, firm bought a trio of industrial buildings in Ridgewood for $36 million, according to a public document filed Friday with the city’s finance department. The deal closed Jan. 31.

The Englewood, New Jersey-based Sitex did not return a request for comment.

An entity tied to the Eisenberg Group of Companies, which is based in Coral Springs, Florida, was the seller. Citing a confidentiality agreement, Eisenberg’s Jay Eisenberg declined to comment.

The properties are located next to each other along Otto Road. One of them, 66-35 Otto Road, appears to be home to an Arenson Furniture Outlet.

As of the beginning of the month, Sitex had closed $200 million worth of acquisitions over 90 days, according to GlobeSt.com and NJBIZ. One recent deal was for a 100,000-square-foot Meadowlands warehouse in Carlstadt, New Jersey.

In December, Sitex sold six parcels along the Brooklyn waterfront to UPS for $303 million, after purchasing them in 2017 for $110 million. The Red Hook site holds up to 1.2 million buildable square feet.

Meanwhile, Queens saw another industrial play this week, when Blackstone Group nabbed a two-story building near LaGuardia Airport for about $56 million. The property is home to a FedEx Ground location.


Related Articles

arrow_forward_ios
(Photos by Sylvia Varnham O'Regan, Getty)

After looting, BIDs reverse guidance on boarding up stores

After looting, BIDs reverse guidance on boarding up stores
“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think

“5 years ago, people would say, what’s a TikTok?” Bill Rudin on why NYC’s office market may be more resilient than you think
Clockwise from bottom left: Robert Reffkin of Compass, John Gomes, Scott Rechler of RXR Realty, Rich Barton of Zillow, Gary Keller of Keller Williams and Don Peebles of The Peebles Corporation (Getty)

“America is in crisis:” Real estate leaders address George Floyd protests

“America is in crisis:” Real estate leaders address George Floyd protests
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Photo illustration of Sen. Brian Kavanagh (Credit: Kavanagh by Albin Lohr-Jones/Pacific Press/LightRocket, Getty Images, iStock)

Lawmakers skip #CancelRent in favor of more modest bills

Lawmakers skip #CancelRent in favor of more modest bills
The process for challenging property assessments is so antiquated, officials won’t do Zoom meetings. (iStock)

“A recipe for disaster”: Fighting property taxes in a pandemic

“A recipe for disaster”: Fighting property taxes in a pandemic
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...