Charles Brown Acquires College Point Warehouse From Safeguard Self Storage For $15.25M
131-21 14th Avenue, College Point, Queens County, NY, USA
$15,250,000
$273/SF
Building Size
55,860 SF
Asset Type
Other
Closing
Jun 21, 2021
AI
A warehouse located at 131-21 14th Avenue in College Point, Queens has been sold in a recent transaction. The property is zoned as M1-1 and offers a total square footage of 55,860. The buyer, Charles Brown, has acquired the warehouse from the seller, Safeguard Self Storage, for a price of $15,250,000. The building has a buildable square footage of 73,500, resulting in a price per buildable square footage of $207. The price per square footage for the existing structure is $274. The previous sale of this property took place on October 1, 2019, at a price of $15,000,000. The lot dimensions measure 377.58 ft x 212 ft.
Summary of transaction details
- Property Type: Warehouse
- Transaction Amount: $15,250,000
- Market: College Point, Queens
- Asset Type: Warehouse
- Zoning: M1-1
- Buyer: Charles Brown
- Seller: Safeguard Self Storage
- BSF: 73,500
- PPBSF: $207
- SF: 55,860
- PPSF: $274
- Last Sale Price: $15,000,000 (10/01/2019)
- Lot Dimensions: 377.58 ft x 212 ft
The sale of this warehouse in College Point, Queens involved Charles Brown as the buyer and Safeguard Self Storage as the seller. Charles Brown's representative in this transaction was Mark H. Degner from Brown & Howard Realtors. The property's market value in the College Point area and its zoning classification as M1-1 were key factors in this transaction. The lot dimensions of 377.58 ft x 212 ft provided ample space for the warehouse structure. This deal marks an important transaction in the College Point real estate market, further showcasing the demand for warehouse properties in the area.
Players
New York Other Market Snapshot
Boundary boundary · Other · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.04%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93