Bridge Development, DH Property file plans for 4-story, 1M sf warehouse in Greenwood Heights

John Porcek, principal of Bridge Development Partners, as a partner of DH Property Holdings, submitted a new building construction project for a 1,038,742 square-foot storage (S-1) building at 40 19th Street in Greenwood Heights, Brooklyn. The plan was filed with the New York City Department of Buildings on October 31, 2022 under job number B08029013. It calls for the construction of a four-story building. The project is described in the filing as: Construct new four-story warehouse building as per plans filed. The architect is Ware Malcomb.

The property

The 40 19th Street parcel has frontage of 880 feet and is 160 feet deep with a total lot size of 690,000 square feet. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $33 million. The most recent loan totaled $341.7 million and was provided by JPMorgan Chase on November 24, 2021.

Prior sales and revenue

The industrial building in Greenwood Heights has 292,886 square feet of built space and 1,090,200 square feet of additional air rights for a total buildable of 1,380,000 square feet according to a PincusCo analysis of city data. The property is owned by DH Property Holdings.

The 292,886-square-foot property generated revenue of $6.5 million or $22 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received $3,125 in ECB penalties and $4,125 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property since September of 2020.

The neighborhood

In Greenwood Heights, the bulk, or 40 percent of the 16.4 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 36 percent of the space. In sales, Greenwood Heights has near average sales volume among other neighborhoods with $131 million in sales volume in the last two years and is the 27th highest in Brooklyn. For development, Greenwood Heights has near average amount of major developments among other neighborhoods and is the 11th highest in Brooklyn. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 10 commercial properties representing 326,269 square feet of the 446,949 square feet. The identified owner is DH Property Holdings. On the tax block, there were three new building construction projects totaling 1,250,431 square feet. The largest is a 1,038,742 square-foot S-1 building developed by John Porcek with plans filed October 31, 2022 and it has not been permitted yet. The second largest is a 175,308 square-foot S-1 building developed by Dov Hertz with plans filed July 24, 2020 and permitted August 9, 2022.

The owner

The PincusCo database currently indicates that DH Property Holdings owned at least four commercial properties in New York City with 367,219 square feet and a city-determined market value of $38.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. They are all located in Brooklyn.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 40 19th Street in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.