Updated Dec 19, 2023
Kin Cheng Acquires 20,000 SF Industrial Property In Brooklyn's Sunset Park For $7.8M
4202 2nd Ave, New York, NY 10035, USA
$7,800,000
$39/SF
Building Size
200,000 SF
Asset Type
Industrial
Closing
Nov 17, 2019
About this deal
AI
A 20,000 square foot industrial property located at 4202 2nd Avenue in Brooklyn's Sunset Park neighborhood has been sold for $7,800,000. The property was purchased at a price of $390 per square foot.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $7,800,000
- Square Footage: 20,000
- Price per Square Foot: $390
- Address: 4202 2nd Avenue
- Market: Brooklyn, Sunset Park
The seller of the property was the Semel Family, while the buyer was Kin Cheng. The deal was facilitated by Erik Yankelovich of GFI Capital, who represented both parties in the transaction. It is worth noting that the property also included 20,000 square feet of air rights.
New York 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
2.03%
Cash-on-Cash
-0.58%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93