Updated Dec 4, 2024
Donald Hearn Acquires Industrial Property In Queens For $11.8M
11-24 Wyckoff Avenue
$11,800,000
$887/SF
Building Size
13,300 SF
Asset Type
Industrial
Closing
Sep 20, 2023
About this deal
AI
An industrial property located at 11-24 Wyckoff Ave in Queens has recently changed ownership. The property, which was previously a textile factory transformed into an event space, has been sold for a total amount of $11.8 million. The buyer of the property is Donald Hearn, while Lawrence Pomeroy acted as the seller in this transaction.
Summary of Transaction Details
- Property Type: Industrial
- Transaction Amount: $11,800,000
- Address: 11-24 Wyckoff Ave
- Market: Queens
Donald Hearn, the buyer of the property, successfully acquired the industrial asset located at 11-24 Wyckoff Ave in Queens. This property, which was previously a textile factory and later converted into an event space, has a total square footage of 13,300. The price per square foot for this transaction was $887.
Players
Brooklyn 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
1.34%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93