Updated Oct 29, 2024
Public Storage Acquires Industrial Property In Sunset Park For $48.8M
5002 2nd Ave, Brooklyn, NY 11232, USA
$48,800,000
$35/SF
Building Size
1,392,640 SF
Asset Type
Industrial
Closing
Feb 19, 2020
About this deal
AI
Public Storage has acquired an industrial property in Sunset Park, located at 5002 2nd Avenue. The property spans 139,264 square feet and was sold by Banner Real Estate Group for a price of $48,800,000. This translates to a price per square foot of $350.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $48,800,000
- Square Footage: 139,264
- Price Per Square Foot: $350
- Market: Sunset Park
Public Storage, a well-known self-storage company, completed the purchase of the property. The seller, Banner Real Estate Group, facilitated the transaction. This acquisition highlights Public Storage's continued investment in the industrial real estate market.
Players
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
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93