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Midwood Investment & Development Sells Garden City Retail Property For $65.3M

Property Image
SOLD
$65,300,000
Colin Behr
Christopher "Chris" Munley
+ 4

New York

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Retail55,109 SF
Sold 05/10/2022
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Property Image
SOLD

Midwood Investment & Development Sells Garden City Retail Property For $65.3M

867 East Gate Boulevard, Garden City, New York 11530, United States

See Similar Deals
Retail55,109 SF
Sold 05/10/2022
Colin Behr
Christopher "Chris" Munley
+ 4
Contact now

Summary

NEW YORK
Asset Type:Retail
Price Per Square Foot:$1,184
Total Square Footage:55,109 SF
Transaction Type:Sale

The property involved in this closed transaction is a retail asset located at 867 E. Gate Blvd. in Garden City. The property spans a total area of 55,109 square feet and was sold by Midwood Investment & Development. The transaction was facilitated by brokers James Galbally, Chris Angelone, Jose Cruz, Christopher Munley, Andrew Scandalios, Colin Behr, and J.B. Bruno from JLL. The sale price for the property amounted to $65,300,000, resulting in a price per square foot of $1,184.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $65,300,000
  • Address: 867 E. Gate Blvd.
  • Market: Garden City
  • Seller: Midwood Investment & Development
  • Brokers: James Galbally, Chris Angelone, Jose Cruz, Christopher Munley, Andrew Scandalios, Colin Behr, and J.B. Bruno - JLL
  • Square Footage: 55,109
  • Price per Square Foot: $1,184

The deal involved a group of brokers from JLL, namely James Galbally, Chris Angelone, Jose Cruz, Christopher Munley, Andrew Scandalios, Colin Behr, and J.B. Bruno. They represented the seller, Midwood Investment & Development, in this transaction. The involvement of these individuals highlights their expertise in the real estate market and their contribution to the successful sale of the property.

Players

Andrew Scandalios
68 deals$12B volume(212) 632-1821
BROKER

JB Bruno
JLL
21 deals$1.6B volume(908) 447-0021
BROKER

Jose Cruz
JLL
102 deals$7.9B volume(201) 240-7546
BROKER

Chris Angelone
JLL
24 deals$2.2B volume(617) 316-6466
BROKER

Christopher "Chris" Munley
JLL
18 deals$1.5B volume
BROKER

James "Jim" Galbally
JLL
26 deals$2B volume
BROKER

Colin Behr
CBRE
23 deals$1.5B volume(215) 896-4253
BROKER

Midwood Investment & Development
SELLER

Details

SOLD
IMAGE: James Galbally, Chris Angelone, Christopher Munley, Jose Cruz, Andrew Scandalios, J.B. Bruno & Colin Behr DATE: 05/10/2022 ADDRESS: 867 E. Gate Blvd. MARKET: Garden City ASSET TYPE: Retail SELLER: Midwood Investment & Development BROKERS: James Galbally, Chris Angelone, Jose Cruz, Christopher Munley, Andrew Scandalios, Colin Behr & J.B. Bruno - JLL (@JLL) SALE PRICE: $65,300,000 SF: 55,109 ~ PPSF: $1,184

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$231,997.12
Cash-on-Cash Return-1.27%
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