Six hundred yards from the cargo tarmac of John F. Kennedy International Airport, truck courts and cross-dock doors trade less like buildings and more like airport gates. Transportation-focused fund manager Realterm paid $39 million ($325 a square foot) to acquire the 120,000-square-foot air-freight facility on Guy R. Brewer Boulevard from Seagis Property Group, locking in a 47.2 percent step-up over its 2019 trade. When the deed closed on February 16, 2026, Realterm Logistics had officially taken down 148-36 Guy R. Brewer Boulevard from Seagis Property Group for $39 million, with JLL Industrial Capital Markets brokering the trade.

Look past the sticker price and the trade tells a clear story about replacement cost in Queens. At $325 a square foot across 120,000 square feet, the closing price marks a 47.2 percent step-up over the $26.5 million basis recorded in May 2019. In today's five-borough construction market, buying modern or well-maintained brick at $325 a square foot still beats the time and cost of digging a foundation from scratch. Even better for the buyers, the in-place rent roll hands them a verified 5.80 percent going-in cap rate from day one.

New York Life Locks In 63% Leverage Next to the Runways

The real tell in any Queens closing sits on the debt side of the ledger. To fund the purchase, Realterm Logistics locked in a $24.57 million fixed-rate life-company industrial mortgage from New York Life Real Estate Investors at 63 percent loan-to-value.

That loan commitment meant the buyers only needed to write a $14.43 million equity check to control a 1-story, 2011-vintage Springfield Gardens / JFK Corridor asset. Credit committees aren't stretching to 75 percent leverage anymore, but when a sponsor brings $14.43 million of real cash equity and a basis of $325 a square foot, lenders like New York Life Real Estate Investors are wide open for business.

From Our Desk

When we look at 148-36 Guy R. Brewer Boulevard on our placement desk at Light Tower Group, the lesson for New York sponsors comes down to the marriage of entry basis and lender selection. Realterm Logistics didn't try to fight the tape—they bought Springfield Gardens / JFK Corridor footage at $325 a square foot and paired it with the exact lender bucket built for this business plan. With JFK's $19 billion terminal redevelopment in full swing, industrial parcels bordering the cargo gates command automatic life-company bids at sub-6 percent cap rates.