Bridge Industrial Acquires 129,043 SF Industrial Property In Maspeth For $57M
SOLD
$57,000,000
New York
See Similar DealsIndustrial129,043 SF
Sold 12/19/2023
SOLD
Bridge Industrial Acquires 129,043 SF Industrial Property In Maspeth For $57M
58-95 Maurice Avenue
See Similar DealsIndustrial129,043 SF
Sold 12/19/2023
Summary
NEW YORK
Asset Type:Industrial
Price Per Square Foot:$441
Total Square Footage:129,043 SF
Transaction Type:Sale
Bridge Industrial has acquired an industrial property located at 58-95 Maurice Avenue in Maspeth. The transaction, facilitated by JLL brokers Tyler Peck and Andrew Scandalios, involved a sale price of $57,000,000. The property spans 129,043 square feet, resulting in a price per square foot of $442.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $57,000,000
- Address: 58-95 Maurice Avenue
- Market: Maspeth
- Buyer: Bridge Industrial
- Seller: Turnbridge Equities
- Brokers: Tyler Peck & Andrew Scandalios - JLL
Tyler Peck and Andrew Scandalios from JLL played a crucial role in representing both the buyer, Bridge Industrial, and the seller, Turnbridge Equities, in this transaction. Their expertise and negotiations helped facilitate the successful sale of this industrial property in Maspeth.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,040,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$202,508.95
Cash-on-Cash Return-1.27%
Monthly Debt Service$270,209.08
Annual Debt Service$3,242,508.96
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