Bushwack Capital pays $14M to buy out partners at industrial in East Williamsburg

Bushwack Capital through the entity Eat Sunshine LLC paid $14 million to partners Lai Tin Yam, Ru Ching Yeh and Benjamin Yam through the entity YYY Realty Co LLC to acquire full control of an industrial (F1) building at 154 Scott Avenue in East Williamsburg, Brooklyn.
The deal closed on May 3, 2021 and was recorded on May 20, 2021.
The property has 99,700 square feet of built space and 0 square feet of additional air rights for a total buildable of 39,880 square feet according to PincusCo analysis of city data. The sale price per built square foot is $140 per the PincusCo analysis.
The contract date was March 22, 2021. This is the purchase of the remaining 58% stake in the property. Bushwack acquired a 42% stake in the property valued at $10 million in 2018.
The signatory for Bushwack Capital was Dawson Stellberger.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $300,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $325,000. (321595868) One of the projects were to change the building from a D-2 to a F-2 and change the number of residential units from 0 to 0 and were permitted on August 13, 2020.

Direct link to Acris document. link

Bushwack also obtained a $22 million acquisition loan to finance the purchase.
Bushwack Capital through the entity One Fifty Four LLC as borrower signed a acquisition loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $22.0 million for the industrial (F1) at 154 Scott Avenue in East Williamsburg, Brooklyn.
The deal closed on May 3, 2021 and was recorded on May 20, 2021.
The property has 99,700 square feet of built space and 0 square feet of additional air rights for a total buildable of 39,880 square feet according to PincusCo analysis of city data. The loan price per built square foot is $220 per the PincusCo analysis.

The signatory for Bushwack Capital was Dawson Stellberger.