Jack Guttman Acquires Industrial Property On Van Dyke Street In Red Hook For $13.4M

Located in Red Hook, the industrial property at 162 & 168 Van Dyke Street recently changed hands in a closed transaction. The deal took place on September 3, 2021, and was facilitated by the notable sales team from The Nowak Group and VCPRE LLC. The property, spanning a total of 32,250 square feet, features M1-1 zoning, making it ideal for industrial purposes. The sale price achieved for this transaction was $13,400,000, resulting in a price per square foot of $416.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $13,400,000
• Address: 162 & 168 Van Dyke Street
• Market: Red Hook
• Zoning: M1-1

The buyer of the property was Jack Guttman, while Jon Robbins acted as the seller in this transaction. Representing the seller, Jakub Nowak and Jesse Kay from The Nowak Group, affiliated with Marcus & Millichap, played an integral role in facilitating the deal. On the buyer's side, Yehuda Goltche and Itan Rahmani from VCPRE LLC served as the buyer's representatives, contributing to the successful completion of the transaction.

The Nowak Group, in their note, highlighted the property's recent closing and discussed the competitive nature of the sale despite the asset's deferred maintenance and challenging market conditions. Additionally, they mentioned the auction-like environment that ultimately led to an all-cash deal with no buyer due diligence or contingencies from a purchaser involved in a 1031 exchange. The cooperation between The Nowak Group and VCPRE was instrumental in ensuring a successful outcome for their respective clients.

For more information or if you would like to discuss the value of your property, you can contact Jakub Nowak at [email protected] or reach out to Jesse Kay at [email protected].