Updated Jun 16, 2025
Adam Gordon, Mike Bowden & Wes Gordon Acquire Industrial Property In East Elmhurst For $9.6M
22 29 90th Street
$9,600,000
$376/SF
Building Size
25,509 SF
Asset Type
Industrial
Closing
Jun 5, 2025
About this deal
AI
This industrial property at 22-29 90th Street in East Elmhurst has been sold for $9,600,000. The asset encompasses a total area of 25,509 square feet, providing a price per square foot of $376. The property is fully occupied and is leased to a leading EV company, showcasing a strong cap rate.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $9,600,000
- Square Footage: 25,509
- Price per Square Foot: $376
- Buyer: Adam Gordon, Mike Bowden & Wes Gordon
- Seller: Scott Barone & John Silviano
- Broker: David Junik - Pinnacle Realty of New York
- Date of Transaction: 6/6/2025
- Market: East Elmhurst
The deal was facilitated by David Junik from Pinnacle Realty of New York, who represents the broker in this transaction. Pinnacle Realty of New York announced the successful sale of the property, located near LaGuardia Airport, emphasizing its investment potential in the industrial sector.
On the Map
$9,600,000
$376/SF
Industrial
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Players
Jackson Heights 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
1.65%
Cash-on-Cash
-0.47%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93