Triple J Scott Avenue LLC paid $7M to Scott Avenue Partners

Triple J Scott Avenue LLC paid Scott Avenue Partners LLC $7.0 million for 1 parcel, including the tax class miscellaneous manufacturing building (F9) at 90 Scott Avenue in East Williamsburg. The deal closed on July 17, 2019 and was recorded on August 06, 2019. The parcel(s) have total development potential of 60,340 square feet.
The average sale price per square foot is $198.
The estimated cap rate is 1.3%
The last time the property sold was November 06, 2013, for $2,800,000.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,300,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $595,383.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link