Owners & management · Deals & development · 10/22/2026
Maspeth industrial pair lands $50.15M loan from Lake Forest Bank
Lake Forest Bank and Trust provided $50.15 million for two fully leased industrial sites in Maspeth. JLL arranged the deal for the Sitex Group and a global investment firm. The Borden Ave. site, financed with $39.4 million, holds an FDNY garage and repair shop for fire trucks and EMS vehicles. The 48th St. site is a 24-hour Revel electric vehicle charging hub.
Reported by QNSRead the original ↗
What happened
QNS reported on October 22, 2026 that $50.15 million in financing was recently secured for a two-property industrial portfolio in Maspeth, Queens. The portfolio covers 182,511 square feet and is 100% leased. Lake Forest Bank and Trust Company, N.A. provided the financing. The JLL Capital Markets group arranged it on behalf of the Sitex Group and a diversified global investment management firm.
The larger site is an industrial outdoor storage and low-coverage facility on Borden Avenue. It covers 146,583 square feet, including 26,619 square feet of building space, and is receiving $39.4 million of the financing. The New York City Fire Department has occupied the building since 2004. In February 2023 a 20-year lease was signed for the property to include a garage and a repair and maintenance facility for fire trucks and EMS vehicles. The Steinberg family, who operate Brooklyn-based Salem Truck Leasing, bought the property for $4.5 million in 2004. The Sitex Group acquired it for about $50 million in late 2021. The QNS article gives the address as 58-80 Borden Ave. in its opening and as 28-80 Borden Ave. later in the text.
The second site, at 54-12 48th St., is an electrified industrial outdoor storage facility leased to Revel, a Brooklyn-founded electric transportation company. It spans 25,928 square feet, carries just under 5 megawatts of power and has 60 charging stalls. QNS says it was designed to be the Northeast's largest fast-charging station and is open 24 hours a day. The Sitex Group bought it for $8.2 million in August 2021. Later that year the Carlyle Group, through CPI/SITEX 54-12 48th St. Industrial Owner LLC, bought in for $11.6 million.
Key facts
- Total financing
- $50.15 million
- Addresses
- 54-12 48th St. and a Borden Ave. site reported as both 58-80 and 28-80 Borden Ave., Maspeth
- Portfolio size
- 182,511 square feet, 100% leased
- Lender
- Lake Forest Bank and Trust Company, N.A.
- Arranged by
- JLL Capital Markets, for the Sitex Group and a diversified global investment management firm
- Borden Ave. site
- 146,583 sq ft (26,619 sq ft building), $39.4 million of the financing, FDNY tenant since 2004, 20-year lease signed February 2023
- 48th St. site
- 25,928 sq ft, leased to Revel, just under 5 megawatts, 60 charging stalls, open 24 hours
- Prior sales
- Borden Ave.: $4.5 million (2004), about $50 million (late 2021). 48th St.: $8.2 million (August 2021), Carlyle bought in for $11.6 million later in 2021
What it means
Buyers and owners
This is a commercial industrial deal, not a residential one. It shows a lender financing fully leased industrial sites with long-term tenants, including a city agency.
Landlords
There is no direct effect on residential rentals or rules. Small landlords may note how far the reported Borden Ave. sale prices rose between 2004 and 2021.
Tenants and voucher holders
The two properties have no residential units, so the deal does not change housing options or voucher rules.
The highlights
- FDNY signed a 20-year lease in February 2023 for its Borden Ave. truck repair site.
- Revel runs 60 fast-charging stalls on just under 5 megawatts at 54-12 48th St.
- The 182,511-square-foot portfolio is 100% leased, and Borden Ave. gets $39.4 million.
Why it matters Landlords
Lenders are still funding fully leased Queens industrial sites that have long-term tenants like the FDNY.
Not known yet
- Which Borden Ave. address is correct, since QNS gives both 58-80 and 28-80
- The loan terms, such as interest rate, length and whether it refinances earlier debt
- How much of the financing goes to the 48th St. site, which the article does not state separately
- Why the two site sizes listed do not add up to the 182,511 square foot portfolio total
Background
In New York City commercial real estate, owners often use a brokerage's capital markets team to find a lender and negotiate a loan. Lenders typically look closely at how fully a property is leased, how long the leases run and how reliable the tenants are. Long leases with government or established tenants are generally seen as lower risk. These deals are private transactions between owners and lenders and do not go through housing agencies such as HPD or HCR.
Summary written by Bulwark from QNS’s reporting. The original story is at qns.com. This is general information, not legal advice.
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Photo: Andre Carrotflower, CC BY-SA 4.0