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66-00 Long Island Expressway

Titan Industrial Services Acquires Office & Industrial Buildings In Maspeth, Queens For $4M
SOLDIndustrial

Titan Industrial Services Acquires Office & Industrial Buildings In Maspeth, Queens For $4M

66-00 Long Island Expressway

$4,000,000

$266/SF

Building Size

15,000 SF

Asset Type

Industrial

Closing

May 18, 2023

AI

Titan Industrial Services, represented by Anna Casalino of Bayberry Properties, Inc., has purchased three properties in Maspeth, Queens. The properties include an office building and two industrial buildings, with a combined built space of 15,000 square feet. The transaction closed on May 18, 2023, for a total of $4 million.

Summary of transaction details

  • Property Type: Office & Industrial
  • Transaction Amount: $4,000,000
  • Address: 66-00 Queens Midtown Expressway Sr South, 66-10 Perry Avenue & 66-12 Perry Avenue
  • Market: Maspeth, Queens

This acquisition enables Titan Industrial Services to expand its presence in Maspeth, Queens, and enhance its operations with the additional office and industrial spaces. The properties also come with 6,679 square feet of air rights, allowing for future development opportunities. With this strategic investment, Titan Industrial Services is well-positioned to meet the growing demand in the area.

Players

Anna Casalino

Buyer

$28M

vol

2 deals

Buyer

Lorraine E. Ripley

Seller

$10.1M

vol

3 deals

Seller

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

3.97%

Cash-on-Cash

-1.13%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93