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148 West 20th Street

Gary Spindler's Park-It Management Acquires Industrial Building In Chelsea For $4.85M
SOLDIndustrial

Gary Spindler's Park-It Management Acquires Industrial Building In Chelsea For $4.85M

148 West 20th Street

$4,850,000

$239/SF

Building Size

20,215 SF

Asset Type

Industrial

Closing

Oct 31, 2023

AI

Park-It Management and Gary Spindler's Chelsea W 20 LLC have acquired the industrial building located at 148 West 20th Street in Chelsea, Manhattan. The property, known as G1, was sold by Hugh Heller's Servwel Garage Company L.L.C. for a purchase price of $4.8 million. The industrial building offers a total square footage of 20,215 and a price per square footage of $240.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $4,850,000
  • Address: 148 West 20th Street, Chelsea, Manhattan
  • Market: Chelsea, Manhattan
  • Buyer: Gary Spindler - Park-It Management
  • Seller: Hugh Heller - Servwel Garage Company L.L.C.
  • BSF: 32,072
  • PPBSF: $151
  • SF: 20,215
  • PPSF: $240

Gary Spindler, representing Park-It Management and Chelsea W 20 LLC, finalized the purchase of the industrial building at 148 West 20th Street in Chelsea, Manhattan. Meanwhile, Hugh Heller represented his company, Servwel Garage Company L.L.C., as the seller in the transaction.

Players

Gary Spindler

Park-It Management

Buyer

$111.3M

vol

6 deals

Buyer

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

3.27%

Cash-on-Cash

-0.93%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93