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
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