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Michael Qiu Of H&M USA Inc Acquires Industrial Asset In Port Washington For $27.5M
SOLD
$27,500,000
New York
See Similar DealsIndustrial82,619 SF
Sold 03/03/2026
SOLD
Michael Qiu Of H&M USA Inc Acquires Industrial Asset In Port Washington For $27.5M
3 Seaview Blvd
See Similar DealsIndustrial82,619 SF
Sold 03/03/2026
Summary
NEW YORK
Asset Type:Industrial
Price Per Square Foot:$332
Total Square Footage:82,619 SF
Transaction Type:Sale
The industrial asset located at 3 Seaview Blvd in Port Washington has been sold for $27.5 million. This property spans 82,619 square feet, translating to a price per square foot of $333.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $27,500,000
- Buyer: Michael Qiu - H&M USA Inc
- Brokers: Joshua Cohen & Kyle Burkhardt - Newmark
- Market: Port Washington
- Square Footage: 82,619
- Price Per Square Foot: $333
H&M USA Inc. is consolidating operations and relocating from Syosset as part of its expansion into the ingredient distribution business with this acquisition.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,466,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$97,701.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$130,364.03
Annual Debt Service$1,564,368.36
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