Updated Oct 29, 2024
Empire Automotive Group Acquires Two Industrial Buildings In Jamaica, Queens For $9.2M
108-2 Merrick Blvd Jamaica, NY 11433, USA
$9,200,000
$391/SF
Building Size
23,500 SF
Asset Type
Industrial
Closing
May 15, 2023
About this deal
AI
Empire Automotive Group has purchased two industrial buildings located at 108-16 Merrick Boulevard and 108-02 Merrick Boulevard in Jamaica, Queens. The properties were sold by Robert Gans for a total price of $9.2 million. The buildings have a combined square footage of 23,500 square feet. The price per square foot for the transaction is $391. The buildings' total gross square footage is 64,670, resulting in a price per gross square foot of $142.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $9,200,000
- Address: 108-02 Merrick Boulevard & 108-16 Merrick Boulevard, Jamaica, Queens
- Market: Jamaica, Queens
- Buyer: Empire Automotive Group
- Seller: Robert Gans
Empire Automotive Group successfully acquired the two industrial buildings from Robert Gans. This purchase expands their portfolio and strengthens their presence in Jamaica, Queens. The transaction reflects the continuous growth and activity in the industrial real estate market in this area.
Players
New York 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
1.72%
Cash-on-Cash
-0.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93