QAL Realty Acquires Industrial Asset In East Williamsburg For $5.3M

The industrial property located at 516 Scholes St in East Williamsburg has been sold in a closed transaction. The property, which is built as a freezer warehouse, boasts a total square footage of 8,732. The sale price for this asset was set at $5,300,000, resulting in a per square foot price of $607. This transaction has set a new record for the East Williamsburg area with a price per square foot of $606.96, making it a significant deal in this market.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $5,300,000
• Square Footage: 8,732
• Address: 516 Scholes St, East Williamsburg

The buyer of the property is QAL Realty, represented by Paen Long. On the other side of the transaction, Seamark Food Dist, with Barry Minery as the seller, facilitated the sale. The deal was handled by the broker team of Frederick Betesh and Jack Sarder from Tri State Commercial. They successfully managed multiple offers from potential buyers and ensured a smooth transaction process. For those interested in buying, selling, or leasing commercial properties, Frederick Betesh and Jack Sarder can be reached at the following contact details:

Frederick Betesh: 646-828-8928, [email protected]

Jack Sardar: 347-831-8962, [email protected]

This notable transaction highlights the thriving industrial market in East Williamsburg, with the property's unique feature as a freezer warehouse attracting strong interest from buyers. The competitive bidding process showcases the demand for properties in this area and the expertise of the Tri State Commercial team in navigating such deals.