Creative Eye Glass Group Acquires Warehouse In Farmingdale For $2.73M
200 Allen BLVD, Farmingdale, NY, 11735
$2,730,000
$127/SF
Building Size
21,500 SF
Asset Type
Warehouse
Closing
Nov 22, 2023
AI
The property involved in the transaction is a 21,500-square-foot warehouse located at 200 Allen Blvd in Farmingdale, NY 11735. The warehouse was purchased by Creative Eye Glass Group for $2,730,000.00. The buyer, a company based in Ridgewood, Queens, distributes high-fashion reading glasses and sunglasses. The seller of the property was Great River Holding LLC, a real estate affiliate of Connetquot West Healthcare Medical Supplies.
Summary of transaction details:
- Property Type: Warehouse
- Transaction Amount: $2,730,000.00
- Market: Farmingdale
- Buyer: Creative Eye Glass Group
- Seller: Great River Holding LLC
- Buyer's Rep: Michael Freedberg()
Michael Freedberg of Suffolk Industrial Properties represented both the buyer, Creative Eye Glass Group, and the seller, Great River Holding LLC, in the sales transaction. Freedberg met the buyer while canvassing for clients in Queens, which led to the successful deal between the two parties. This transaction marks another instance of a company migrating from Queens to Long Island, as part of the ongoing trend of businesses moving from urban areas to suburban locations.
Players
Farmingdale Warehouse Market Snapshot
Boundary boundary · Warehouse · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.81%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93