Updated Oct 28, 2024
Portex Inc. Acquires Industrial Land In Irvington For $2.05M
71-89 Cordier St, Irvington, NJ, USA
$2,050,000
$284/SF
Building Size
7,199 SF
Asset Type
Industrial
Closing
Jun 11, 2020
About this deal
AI
An industrial land located at 71-89 Cordier St. in Irvington has been sold for a total price of $2,050,000. The property spans over an area of 1.25 acres, resulting in a price per acre (PPA) of $1,640,000. The transaction was completed on June 11, 2021, with Portex Inc. as the buyer and Zev Steinmetz from Gramercy Real Estate Services LLC representing the buyer. Jason Lynch from Lee & Associates acted as the seller's representative in the deal.
Summary of transaction details
- Property Type: Industrial Land
- Transaction Amount: $2,050,000
- Address: 71-89 Cordier St.
- Market: Irvington
- Acres: 1.25
- Price Per Acre (PPA): $1,640,000
Zev Steinmetz from Gramercy Real Estate Services LLC represented Portex Inc. as their broker in this transaction. This successful sale of the industrial land highlights the involvement of key individuals and companies, such as Portex Inc. as the buyer and Zev Steinmetz and Jason Lynch as the buyer's and seller's representatives, respectively.
On the Map
$2,050,000
$284/SF
Industrial
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Players
Irvington Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.74%
Cash-on-Cash
-2.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93