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 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

Amazon leases nearly 154 million square feet of warehouse space compared to the 4 million square feet it owns (Credit: iStock)

How Amazon became the leasing king of e-commerce

A rendering of 22-43 Jackson Avenue (Credit: StreetEasy)

Trader Joe’s heading to Long Island City, brokers confirm

Gary A. Shiffman and Prologis CEO Hamid R. Moghadam (Credit: Prologis)

Here’s why “Steady-Eddie” REITs are having a standout 2019

Renderings of The William Vale and Denizen Bushwick with a Tel Aviv Stock Exchange ticker

All Year eyes sale of William Vale to pay off bonds

Amazon CEO Jeff Bezos (Credit: Getty Images)

Mapping Amazon’s current office and warehouse footprint in NYC

109-09 15th Avenue, 5 Court Square, 24-16 Queens Plaza South in Queens (Credit: NestSeekers and StreetEasy)

Big dollar drop in Queens top 10 condo filings this year

Amazon CEO Jeff Bezos and RXR CEO Scott Rechler with 56-19 Grand Avenue in Queens (Credit: Getty Images, Google Maps)

Amazon nears lease at RXR’s Queens warehouse development

Breather CEO Bryan Murphy (Credit: LinkedIn and iStock)

Breather bloodbath: Flex-office startup fires 17% of staff