Michael Gallina Purchases Industrial Property From Christopher Lotito In Paterson For $3.9M

The industrial property located at 508-522 East 35th Street in Paterson has been sold for a transaction price of $3,900,000. The asset spans 25,000 square feet with a price per square foot of $156. The property was sold vacant and previously operated as a refrigerated cold storage warehouse, featuring over 8,000 square feet of cold storage space, ceiling heights between 16 to 20 feet clear, and consists of three buildings that include combined cold storage, warehousing, and office spaces. The site is situated on an approximate 1-acre lot with designated parking for up to eight vehicles and includes three separate dock-high loading doors.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $3,900,000
• Buyer: Michael Gallina
• Seller: Christopher Lotito
• Brokers: Yanni Marmarou & Homer DeLeon - Investment Property Realty Group (IPRG)
• Size: 25,000 square feet
• Market: Paterson
• Price per square foot: $156
• Cold storage space: Over 8,000 square feet
• Ceiling heights: 16’-20’ feet clear
• Lot size: Approximately 1 acre
• Parking: Space for up to eight vehicles
• Loading docks: Three separate dock-high loading doors

Yanni Marmarou and Homer DeLeon from Investment Property Realty Group (IPRG) acted as the brokers in this transaction. IPRG's New Jersey team has been exclusively hired to market over 500,000 square feet of value-add industrial warehouse, flex, and re-adaptive use space in the nearby Paterson market.