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
About this deal
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.
On the Map
$18,700,000
$85/SF
Office
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Players
Syosset 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
0.85%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93