Joyland Management Acquires Retail Assets In Staten Island For $59M
SOLD
$59,000,000
New York
See Similar DealsRetail155,100 SF
Sold 03/16/2022
SOLD
Joyland Management Acquires Retail Assets In Staten Island For $59M
2925 Veterans Road West, Staten Island, New York 10309, United States
See Similar DealsRetail155,100 SF
Sold 03/16/2022
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$380
Total Square Footage:155,100 SF
Transaction Type:Sale
A retail property located at 2925, 2935, 2945, 2965, and 2955 Veterans Rd. W. in Staten Island has been sold for a price of $59,000,000. The property spans an area of 155,100 square feet, resulting in a price per square foot of $380. The sale took place on March 16, 2022.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $59,000,000
- Address: 2925, 2935, 2945, 2965 & 2955 Veterans Rd. W., Staten Island
- Market: Staten Island
The buyer of the property is Joyland Management, represented by Judy Wolcowitz. The seller in this transaction is David Berman. The broker involved in this deal is James Prendamano from Prendamano Real Estate. The lender for the purchase is Emerald Creed Capital, with the mortgage broker being Morris Betesh from Meridian Capital. This transaction was completed on March 16, 2022.
Players
BROKERAGE
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,146,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$209,614.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$279,690.10
Annual Debt Service$3,356,281.20
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