83,000-Square-Foot, Amazon-Leased Distribution Warehouse Trades for $45M
DH Property Holdings, LLC, a leading developer of urban infill industrial logistics facilities, has sold 55 Bay Street, an 83,000-square-foot distribution facility in Red Hook, Brooklyn, to Brookfield for $45 million.
DHPH developed 55 Bay on spec and has leased the facility to Amazon Fresh for 10 years. Amazon has recently occupied the building, which stands in close proximity to Manhattan and Brooklyn, providing direct, rapid access to an enormous population of consumers.
The JLL team of Rob Kossar, vice chairman; Leslie Lanne, executive managing director, and Jeremy Liebler, associate vice president, represented DHPH in the sale of 55 Bay and in the lease transaction with Amazon.
Founded in 2016 by Dov Hertz, DHPH is a Manhattan-based industrial real estate development, investment and management firm that has been at the forefront of the industrial logistics trend, developing best-in-class distribution warehouses in complex and challenging urban environments.
DHPH is currently constructing a 500,000-square-foot, multi-story distribution warehouse at 640 Columbia Street, also in Red Hook, which is leased by Amazon’s AMZL. This is the first multi-story logistics facility on the East Coast.
DHPH currently has over 4 million square feet, or over $2 billion, of Class-A urban warehouses complete or underway throughout the Northeast, including in New York City, Boston and Philadelphia. In addition to 55 Bay and 640 Columbia, notable DHPH projects include the 18-acre, 1.8-million-square-foot Sunset Industrial Park development in Brooklyn; 65-acre 1900 South Avenue in Staten Island; 69-acre 5000 Richmond Street, and 21-acre 9801 Bluegrass Road in Philadelphia.
“We identified the growing need for distribution facilities close to consumers in New York City and developed 55 Bay Street on spec to meet that requirement,” said Hertz. “Our firm is uniquely positioned to work through the complexities of development in dense urban environments to accommodate the increasing demand for last-mile facilities.”
About DH Property Holdings
Founded in 2016 by company President Dov Hertz, DH Property Holdings is a Manhattan-based industrial real estate development, investment and management firm with an extensive track record of acquiring and developing best-in-class assets. DHPH currently has over 4 million square feet, or over $2 billion, of Class-A urban warehouses complete or underway throughout the Northeast, including New York, Boston and Philadelphia. The company developed the first multi-story industrial building on the east coast.
