LBA lands $316M loan for Amazon warehouse in Maspeth

JPMorgan is sole lender for Queens project

New York /
Dec.December 03, 2020 08:06 PM
55-15 Grand Avenue, Queens; Phil A. Belling of LBA Realty; Jamie Dimon of JPMorgan Chase (Getty, RXR/BL Architects)

55-15 Grand Avenue, Queens; Phil A. Belling of LBA Realty; Jamie Dimon of JPMorgan Chase (Getty, RXR/BL Architects)

LBA Realty has secured $316 million in loans for a mammoth vertical warehouse project in Maspeth.

JPMorgan Chase is the sole lender listed on a trio of documents recorded Thursday. The lending includes $184 million for construction, an $88 million project loan and $43 million acquisition loan.

Plans for the project at 55-15 Grand Avenue include a 770,000-square-foot, five-story warehouse that would allow trucks to load on the first three floors. In June, Amazon agreed to lease the space. Now LBA has to build it.

The project will expand Amazon’s network of last-mile delivery warehouses. Maspeth is close to dense residential areas and would give Amazon easy access to Brooklyn, Queens, Manhattan and the Bronx.

RXR Realty and Irvine, California-based LBA Logistics spent $72 million in January 2018 on parcels for the project in a 50-50 partnership at 54-15, 55-15 and 56-19 Grand Avenue.

Industrial real estate continues to boom as the pandemic drags on, enticing people to shop from home and providing business to online delivery services. In November, logistics giant Prologis purchased a parcel in Maspeth for $51 million.

LBA and JPMorgan Chase did not immediately return requests for comment.





    Related Articles

    arrow_forward_ios
    Macy’s CEO Jeff Gennette (Getty)
    Macy’s converts 1M sf to fulfillment space
    Macy’s converts 1M sf to fulfillment space
    Russo Development's Edward Russo (Illustration by The Real Deal with Getty, LinkedIn)
    Russo’s complex is latest warehouse project facing blowback
    Russo’s complex is latest warehouse project facing blowback
    Reynolds Asset Management's Lou Reynolds and 7-15 W Main St in Bound Brook, NJ (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Loopnet, Reynolds Assets Management)
    Tri-state roundup: These New Jersey and Long Island deals aren’t turkeys
    Tri-state roundup: These New Jersey and Long Island deals aren’t turkeys
    Haven Realty Capital's Sudha Reddy, JPMorgan Chase's Jamie Dimon and Bella View in Atlanta, GA (Getty, Haven Realty Capital, JPMorgan Chase)
    JPMorgan aims to acquire $1B in single-family rentals
    JPMorgan aims to acquire $1B in single-family rentals
    JPMorgan Chase's Jamie Dimon, Deutsche Bank's Christian Sewing and Barclays' Nigel Higgins (JPMorgan Chase, Deutsche Bank, Barclays, Getty)
    Office lenders looking for an off-ramp
    Office lenders looking for an off-ramp
    Tishman Speyer's Andy Burke and 17 William Drive (Tishman Speyer)
    Tishman Speyer, Mitsui Fudosan debut $500M industrial JV
    Tishman Speyer, Mitsui Fudosan debut $500M industrial JV
     (Illustration by The Real Deal with Getty)
    Commercial prices down 13% this year
    Commercial prices down 13% this year
    (Illustration by The Real Deal with Getty)
    Northeast industrial market still breaking records, but may have peaked
    Northeast industrial market still breaking records, but may have peaked
    arrow_forward_ios

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

    Loading...