DH Property Holdings LLC, a developer of urban infill industrial logistics facilities, has sold 55 Bay St., an 83,000-square-foot distribution facility in Red Hook, Brooklyn, New York 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. 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 developing 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.
“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.”
