Updated Oct 28, 2024
GTJ REIT Acquires Industrial Property In Spring Creek For $14M From Seller Noamex And Broker Michael Levenstein
625 Wortman Avenue, Brooklyn, NY, USA
$14,000,000
$241/SF
Building Size
58,100 SF
Asset Type
Industrial
Closing
Oct 26, 2021
About this deal
AI
GTJ REIT has acquired an industrial property located at 625 Wortman Avenue in the Spring Creek market. The property is zoned as M1-1 and spans approximately 58,100 square feet. The sale price for this transaction was $14,000,000, resulting in a price per square foot of $240. The property has a building square footage (BSF) of 70,000 and a price per building square foot (PPBSF) of $200.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $14,000,000
- Address: 625 Wortman Avenue
- Market: Spring Creek
- Zoning: M1-1
The seller of the property was Noamex, represented by Michael Schefren & Gary Schefren. The buyer, GTJ REIT, was represented by Michael Levenstein from The Rochlin Organization.
On the Map
$14,000,000
$241/SF
Industrial
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Players
Brooklyn 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
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93