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6901 Jericho Tpke, Syosset,...

Milvado Property Group Acquires Property In Syosset For $18.7 Million With Brokers Andrew MacDonald And Gary Gabriel
SOLDOffice

Milvado Property Group Acquires Property In Syosset For $18.7 Million With Brokers Andrew MacDonald And Gary Gabriel

6901 Jericho Tpke, Syosset, NY, 11791

$18,700,000

$85/SF

Building Size

220,000 SF

Asset Type

Office

Closing

Nov 19, 2023

AI

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.

Players

Gary Gabriel

Cushman & Wakefield

Broker

$4.7B

vol

58 deals

Broker
Milvado Property Group
Milvado Property GroupBuyer

Syosset Office Market Snapshot

Boundary boundary · Office · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.85%

Cash-on-Cash

-0.24%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93