Queens Warehouse Scores $40M Refi

Maxim Credit Group provided the financing package for the nearly 600,000-square-foot industrial asset in Maspeth.
Maspeth Industrial Center

The Chetrit Group has taken $40 million in refinancing for Maspeth Industrial Center, a 588,390-square-foot distribution center in Queens, according to public records. Maxim Credit Group provided the loan, which pays down a $20 million mortgage from SL Green Realty taken in 2016, Yardi Matrix shows.

Located at 57-18 Flushing Ave. in Maspeth, N.Y., the two- to four-story warehouse occupies an 8.8-acre parcel and is within 2 miles of the Long Island Expressway’s intersection with Interstate 278. The property is home to a diverse range of tenants, including food distributors, moving companies and a packaging manufacturer.

The property dates back to 1906, though much of the structure was constructed later, in 1936 and 1987. The building features 17-foot clear heights, gas heat and three-phase electricity service. The property was built around two cargo railroad lines, which link the asset to the wider region.

Industrial facilities in dense, urban areas such as Queens—even those with less parking and lower clearances—are in high demand as e-commerce giants continue to expand operations amid the COVID-19 pandemic.