Sitex Group Acquires Industrial Property In Maspeth From Steinberg Family For $50M
SOLD
$50,000,000
New York
See Similar DealsIndustrial32,274 SF
Sold 11/02/2021
SOLD
Sitex Group Acquires Industrial Property In Maspeth From Steinberg Family For $50M
58-80 Borden Avenue, Queens, New York 11378, United States
See Similar DealsIndustrial32,274 SF
Sold 11/02/2021
Summary
NEW YORK
Asset Type:Industrial
Price Per Square Foot:$1,549
Total Square Footage:32,274 SF
Transaction Type:Sale
The industrial property located at 58-80 Borden Avenue in Maspeth has been sold for a price of $50,000,000. This property spans across 3.37 acres and has a total square footage of 146,700. The transaction was completed on 11/02/2021, with Sitex Group as the buyer and the Steinberg family as the seller. The property is classified under tax class 4 and has a floor area ratio (FAR) of 0.22. The lot size measures 146,700 square feet, with dimensions of 203 ft x 636 ft. The sale included permits for a sign, issued on 08/17/2005.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $50,000,000
- Market: Maspeth
- Acres: 3.37
The transaction was facilitated by David Junik, Decio Baio, and James Tack from Pinnacle Realty, representing the buyer, Sitex Group. The brokerage agency played a crucial role in the successful completion of the deal.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,666,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$177,639.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$237,025.51
Annual Debt Service$2,844,306.11
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