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Andrew Chung Of Innovo Property Group Acquires Industrial Asset In Long Island City For $6.2M
SOLD
$6,200,000
New York
See Similar DealsIndustrial71,024 SF
Sold 12/05/2024
SOLD
Andrew Chung Of Innovo Property Group Acquires Industrial Asset In Long Island City For $6.2M
25-20 Borden Avenue
See Similar DealsIndustrial71,024 SF
Sold 12/05/2024
Summary
NEW YORK
Asset Type:Industrial
Price Per Square Foot:$87
Total Square Footage:71,024 SF
Transaction Type:Sale
The industrial building located at 25-20 Borden Avenue in Long Island City, Queens, was sold for $6,200,000. It has a building size of 228,712 BSF, translating to a price per BSF of $27. The total square footage stands at 71,024 SF, with a price per SF of $87.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $6,200,000
- Buyer: Andrew Chung - Innovo Property Group
- Seller: John Pantanelli - Swing Staging
- Market: Long Island City, Queens
- BSF: 228,712
- PPBSF: $27
- SF: 71,024
- PPSF: $87
Innovo Property Group, represented by Andrew Chung, has acquired the property from John Pantanelli of Swing Staging. The acquisition involves future plans for ground-up development on the site.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$330,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$22,027.28
Cash-on-Cash Return-1.27%
Monthly Debt Service$29,391.16
Annual Debt Service$352,693.96
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