The Real Deal New York

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

Firm has closed on $200M in acquisitions over the last few months
By Mary Diduch | February 15, 2019 04:30PM

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.