DH Property Holdings Acquires Ground Lease For Industrial Site In Red Hook, Brooklyn
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This Industrial property located in NY received a loan almost 6 years ago. The brokers of the deal were Sean Sears, Brian Leary, and Jidan Kim
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- Location537 Columbia Street, Red Hook, Brooklyn, NY, USA
- Asset TypeIndustrial
- Parties3 Brokers, 1 Agency
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Deal Summary
GROUND LEASE:
IMAGE: Dov Hertz
DATE: 05/18/2018
ADDRESS: 537-555 Columbia Street
CITY: New York
MARKET: Red Hook, Brooklyn
ASSET TYPE: Industrial
LESSOR: James Moriarty – Moriarty & Sons
LESSEE: DH Property Holdings - Dov Hertz
PRICE: $280,000,000
PBSF: $10
BROKER: CPEX Real Estate - Brian Leary, Jidan Kim and Sean Sears
NOTES: Earlier this month, the developer inked a 99-year triple-net-lease deal with the site’s longtime owner for close to the asking rent of $990,000 a year, or $10 a buildable square foot, sources familiar with the deal told Commercial Observer. DH Property will pay roughly $280 million over the term of the lease, because of rent increases every decade or so. Hertz declined to disclose the final lease terms, citing a confidentiality agreement. Hertz plans to develop an 88,000-square-foot industrial building on the site between Creamer and Bay Streets, across from Red Hook Park by the waterfront. His firm intends to market the site to retailers looking to expand their e-commerce supply chain platforms and third-party logistics companies. (CO)
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