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.





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