Basad Management Acquires Industrial Property In West New York For $1.6M

The industrial property located at 6101 Fillmore Place in West New York has been sold. The transaction closed on June 15, 2021. The property spans 24,000 square feet and has an address in the bustling market of West New York.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $1,612,500
• Asking Price: $1,800,000
• SF: 24,000
• Price Per Square Foot: $67

The buyer of the property was Basad Management, while the seller was 6101 Filmore Corp. The purchase was represented by Kristian Cichon from @KristianCichon and @DeugenWorldwide. On the other hand, Colby Piper from @CrewithColbs and @RipcoRealEstate acted as the seller's representative. The property was sold for $1,612,500, which was below the initial asking price of $1,800,000. The transaction was completed in a swift 35 days and was an all-cash deal. It is worth noting that the buyer utilized a 1031 exchange, which allows for the deferral of capital gains taxes when reinvesting proceeds from the sale of one property into the purchase of another.