DH Property Holdings Acquires Ground Lease For Industrial Site In Red Hook, Brooklyn

Ground Lease: DH Property Holdings, led by Dov Hertz, has signed a 99-year triple-net lease deal for the property located at 537-555 Columbia Street in Red Hook, Brooklyn. The deal was struck with James Moriarty of Moriarty & Sons, the site’s longtime owner. The lease is valued at approximately $280 million, with rent increases scheduled every decade or so. Hertz declined to disclose the final lease terms due to a confidentiality agreement. DH Property Holdings plans to develop an 88,000-square-foot industrial building on the site, targeting retailers in need of e-commerce supply chain platforms and third-party logistics companies.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $280,000,000
• Price per Buildable Square Foot: $10
• Address: 537-555 Columbia Street, New York
• Market: Red Hook, Brooklyn

CPEX Real Estate, represented by Brian Leary, Jidan Kim, and Sean Sears, brokered the deal between DH Property Holdings and Moriarty & Sons. Their expertise in the Red Hook market made them well-suited for facilitating this transaction.