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1401 Lakeland Ave, Bohemia,...

Festivus LLC Buys Bohemia Industrial Building For $5.2M With Richard Cohen Rep
SOLDIndustrial

Festivus LLC Buys Bohemia Industrial Building For $5.2M With Richard Cohen Rep

1401 Lakeland Ave, Bohemia, NY, 117...

$5,200,000

$90/SF

Building Size

57,590 SF

Asset Type

Industrial

Closing

Nov 22, 2023

AI

The industrial property located at 1401 Lakeland Ave in Bohemia, NY, with a size of 57,590 square feet, was sold for $5,200,000. Festivus LLC, a real estate investment firm based in New York City, acquired the property. It is situated on 3.77 acres and is currently leased long-term to New York Tent, an event company.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $5,200,000.00
  • Address: 1401 Lakeland Ave, Bohemia, NY
  • Market: Bohemia
  • Buyer: Festivus LLC
  • Seller: Jason and Michael Norberto
  • Buyer's Representative: Richard Cohen - Ashlind Properties
  • Seller's Representative: Richard Cohen - Ashlind Properties
  • Attorney: David Perkins

Richard Cohen of Ashlind Properties represented both the buyer, Festivus LLC, and the sellers, Jason and Michael Norberto, in the sale of the industrial property. Attorney David Perkins also played a role in representing the sellers during the transaction.

Players

Richard Cohen

Broker

$63.9M

vol

7 deals

Broker

Bohemia 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

3.05%

Cash-on-Cash

-0.87%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93