Greg Goodman Acquires Long Island City Industrial Property For $130M
SOLD
$130,000,000
New York
See Similar DealsIndustrial700,000 SF
Sold 12/02/2021
SOLD
Greg Goodman Acquires Long Island City Industrial Property For $130M
4040 Northern Boulevard, Long Island City, NY 11101, USA
See Similar DealsIndustrial700,000 SF
Sold 12/02/2021
Summary
NEW YORK
Asset Type:Industrial
Price Per Square Foot:$185
Total Square Footage:700,000 SF
Transaction Type:Sale
Located in Long Island City, the industrial property at 4040 Northern Boulevard has been sold in a recent transaction. The property spans approximately 700,000 square feet, with a sale price of $130,000,000, resulting in a price per square foot of $185.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $130,000,000
- Address: 4040 Northern Boulevard
- Market: Long Island City
Greg Goodman successfully acquired the property as the buyer, while Michael Jons acted as the seller. The seller was represented by Brett Siegel, Evan Layne, and Brian Schulz from Newmark during the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,933,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$461,862.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$616,266.32
Annual Debt Service$7,395,195.87
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