Rafaele Pica Acquires Office Building In Patchogue For $775K
125 East Main Street
$775,000
$221/SF
Building Size
3,500 SF
Asset Type
Office
Closing
Jan 5, 2023
About this deal
AI
Rafaele Pica has purchased a two-story office building located at 125 East Main Street in Patchogue. The property, totaling 3,500 square feet, was sold by Patricia Mankowski for a price of $775,000. The sale price translates to a per square foot price of $221.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $775,000
- Square Footage: 3,500
- Price per Square Foot: $221
- Address: 125 East Main Street
- Market: Patchogue
Cushman & Wakefield's Daniel Abbondandolo and Victor Little represented Patricia Mankowski in the sale of the office building. The property is conveniently located on Patchogue's thriving Main Street, with proximity to the Chase Bank parcel on the West Side and a future 55,000 sq. ft. NYU Langone surgical center. The transaction represents a successful sale for Team Abbondandolo.
Players
Patchogue Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
20.47%
Cash-on-Cash
-5.85%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93