Updated Oct 28, 2024
Innovo Property Group Acquires Industrial Property In Long Island City
21 32 Borden Avenue
$11,000,000
$426/SF
Building Size
25,780 SF
Asset Type
Industrial
Closing
Jul 15, 2022
About this deal
AI
A 25,780 square-foot industrial property located at 21-32 Borden Ave in Long Island City has been sold for $11,000,000. The property was sold by Paul McKinnell to Innovo Property Group, represented by Andrew Chung. The transaction was facilitated by Stephen R. Preuss Sr., Andreas Efthymiou, Kevin Louie, and Kevin Schmitz from Ripco Real Estate. The property has a price per square foot of $426.
Summary of Transaction Details:
- Property Type: Industrial
- Transaction Amount: $11,000,000
- Address: 21-32 Borden Ave, Long Island City
- Market: Long Island City
Andrew Chung represented Innovo Property Group as their buyer in the transaction. Meanwhile, Paul McKinnell acted as the seller. The deal was executed with the assistance of Stephen R. Preuss Sr., Andreas Efthymiou, Kevin Louie, and Kevin Schmitz from Ripco Real Estate.
On the Map
$11,000,000
$426/SF
Industrial
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Frostburg 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
1.44%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93