Abingdon Square Partners Acquires Industrial Building In Staten Island For $9.2M
572 Richmond Terrace, Staten Island, NY 10301
$9,200,000
$230/SF
Building Size
40,000 SF
Asset Type
Industrial
Closing
Jan 2, 2019
AI
The largest transaction for any existing industrial property sold in Staten Island has recently taken place on 01/03/2019. Abingdon Square Partners, represented by Benjamin Atkins and Michael Breskin, acquired an industrial building located at 572-580 Richmond Terrace in Staten Island. The property is situated on an 80,000 square foot lot and offers a total of 40,000 square feet of space. The sale price for this transaction was $9,200,000, resulting in a price per square foot of $230.
Summary of transaction details
- Property Type: Industrial Building
- Transaction Amount: $9,200,000
- Address: 572-580 Richmond Terrace, Staten Island
- Market: Staten Island
The seller, Coty Enterprises represented by Joseph Coty, successfully closed this deal through the brokerage services provided by Jakub Nowak from Marcus & Millichap. It is worth noting that this transaction marks a significant milestone in Staten Island's 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
1.72%
Cash-on-Cash
-0.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93