Milvado Property Group Acquires Property In Syosset For $18.7 Million With Brokers Andrew MacDonald And Gary Gabriel
SOLD
$18,700,000
New York
See Similar DealsOffice220,000 SF
SOLD
Milvado Property Group Acquires Property In Syosset For $18.7 Million With Brokers Andrew MacDonald And Gary Gabriel
6901 Jericho Tpke, Syosset, NY, 11791
See Similar DealsOffice220,000 SF
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$85
Total Square Footage:220,000 SF
Transaction Type:Sale
Milvado Property Group has acquired the property located at 6901 Jericho Tpke, Syosset, NY, 11791 for a total purchase price of $18,700,000. This property is part of a larger transaction that includes an additional office property at 6801 Jericho Turnpike, bringing the total square footage of both properties to 220,000 square feet. The properties offer access to the Long Island Railroad and proximity to JFK, LaGuardia, and MacArthur Airports.
Summary of transation details:
- Property Type: Office
- Transaction Amount: $18,700,000.00
- Address: 6901 Jericho Tpke, Syosset, NY, 11791
- Market: Syosset
- Square Footage: 220,000
- Seller's Representative: Andrew MacDonald & Gary Gabriel - Cushman & Wakefield
- Buyer: Milvado Property Group
The transaction involves key representatives from Cushman & Wakefield, namely Gary Gabriel, David Bernhaut, and Andrew MacDonald, who represented the seller, The Rosmarin Family, in this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$997,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$66,437.16
Cash-on-Cash Return-1.27%
Monthly Debt Service$88,647.54
Annual Debt Service$1,063,770.48
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