Meble Furniture Acquires Industrial Property At 70 Air Park Drive For $5.05M With Brokers Michael Gronenthal & Devang Patel
70 Air Park Drive
$5,050,000
$221/SF
Building Size
22,786 SF
Asset Type
Industrial
Closing
Dec 13, 2024
AI
The industrial property located at 70 Air Park Drive in Ronkonkoma has been sold for $5,050,000. The asset encompasses a total square footage of 22,786 and a price per square foot of $221. The transaction reflects the dynamics of the industrial market in the region.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $5,050,000
- Address: 70 Air Park Drive
- Market: Ronkonkoma
- Square Footage: 22,786
- Price per Square Foot: $221
- Buyer: Meble Furniture
- Seller: Surinder Sandhu
- Brokers: Michael Gronenthal & Devang Patel - Douglas Elliman
The sale of the property was facilitated by brokers Michael Gronenthal and Devang Patel from Douglas Elliman, representing the interests of both parties in the transaction, ensuring a smooth process for Meble Furniture and Surinder Sandhu.
Players
Ronkonkoma 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
3.14%
Cash-on-Cash
-0.90%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93