AWH Partners paid $14M to Second Development Services

AWH Partners through the entity 88 Schermerhorn Hotel, LLC paid Second Development Services’s 88 Schermerhorn Owner, LLC $13.6 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 7 residential units at 88 Schermerhorn Street in Brooklyn Heights. The deal closed on July 31, 2019 and was recorded on August 13, 2019. The parcel(s) have total development potential of 56,099 square feet.
The average sale price per square foot is $409.

The estimated cap rate is 3.1%
The last time the property sold was October 01, 2014, for $11,000,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 39,040 square feet. Those plans include a total of 23 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 8 residential units.

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

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