Andrew Chung’s Innovo Property Group Acquires Warehouse In Maspeth, Queens For $40M
58-30 Grand Ave, Flushing, NY 11378, USA
$40,000,000
$266/SF
Building Size
150,000 SF
Asset Type
Other
Closing
Jul 31, 2018
About this deal
AI
A warehouse in Maspeth, Queens has been sold for a whopping $40 million. The property, located at 58-30 Grand Avenue, spans over 150,000 square feet, resulting in a price per square foot of $266. The transaction involved the sale of the warehouse, serving as a testament to the thriving real estate market in the area.
Summary of transaction details
- Property Type: Warehouse
- Transaction Amount: $40,000,000
- Address: 58-30 Grand Avenue, New York
- Market: Maspeth, Queens
- Square Footage: 150,000
- Price Per Square Foot: $266
The seller of the warehouse was Nathan Indig, while the buyer was Andrew Chung's Innovo Property Group, represented by their brokers, David Schechtman, Chris Kim, Abie Kassin, and Lipa Lieberman of Meridian Capital Group. This deal demonstrates the strong demand for commercial properties and highlights the expertise of the involved individuals and companies in the real estate industry.
On the Map
$40,000,000
$266/SF
Other
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Players
Maspeth 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
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93