HI-TECH 5920 LLC paid $6M to M-H REALTY CO.#2 LLC

HI-TECH 5920 LLC paid M-H REALTY CO.#2 LLC $6.4 million for 2 parcels, including the tax class heavy manufacturing, fireproof building (F1) at 59-20 56 Avenue in Maspeth. The deal closed on July 01, 2019 and was recorded on July 11, 2019. The parcel(s) have total development potential of 43,644 square feet.
The average sale price per buildable square foot is $160.
The estimated cap rate is 4.8%
The last time the property sold was July 18, 2008, for $1,734,700.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link