George Selca Acquires Retail Property In Staten Island For $6.6M
1941 Forest Ave Staten Island, NY 10303, USA
$6,625,000
$373/SF
Building Size
17,734 SF
Asset Type
Retail
Closing
Jul 28, 2023
About this deal
AI
Located at 1941 Forest Avenue in Staten Island, this retail property has recently been sold. The single-tenant building spans 17,734 square feet and is fully net-leased to Pep Boys on a short-term lease. The property is situated on a sizable 47,160 square foot lot, offering ample space for parking with 68 spots available.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $6,625,000
- Square Footage: 17,734
- Price per Square Foot: $374
- Address: 1941 Forest Avenue, Staten Island
- Market: Staten Island
- Buyer: George Selca
- Seller: Frank Lagalia
- Broker: Scott Plasky - Marcus & Millichap
Scott Plasky, a representative from Marcus & Millichap, facilitated this transaction. With a focus on a short-term lease agreement, the buyer, George Selca, and the seller, Frank Lagalia, have successfully completed the deal.
New York Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.39%
Cash-on-Cash
-0.68%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93