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Billy Procida Acquires Art Factory Complex In Paterson For $4.25 Million From David Garsia
SOLD
$4,250,000
New Jersey
See Similar DealsIndustrial
Sold 01/30/2025
SOLD
Billy Procida Acquires Art Factory Complex In Paterson For $4.25 Million From David Garsia
70 Spruce Street
See Similar DealsIndustrial
Sold 01/30/2025
Summary
NEW JERSEY
Asset Type:Industrial
Transaction Type:Sale
The property asset involved in the transaction is an industrial facility located at 70 Spruce Street in Paterson. The sale price for this asset was $4,250,000. It is part of the Art Factory complex, which is under scrutiny due to necessary repairs and historic preservation restrictions.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $4,250,000
- Buyer: Billy Procida
- Seller: David Garsia
- Market: Paterson
- Date of Sale: 01/30/2025
Key individuals in this transaction include Billy Procida, the buyer, who had previously provided a $12.5 million mortgage to David Garsia, the seller. The sale is pending court approval amidst challenges related to the property's condition and Paterson’s business climate.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$226,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$15,099.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$20,147.17
Annual Debt Service$241,766.02
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