Bridge Investment Group signs $247.5M construction loan with Goldman for storage in Greenwood Heights

Bridge Investment Group through the entity Sip Holdings Venture, LLC as borrower signed a new construction loan with lender Goldman Sachs valued at $247.5 million for the logistics development at 40 19th Street in Greenwood Heights, Brooklyn.

On these lots, there is a new building project B08029013, for a 749,613-square-foot storage (S-1) building submitted by Bridge Investment Group and filed by John Porcek with plans filed October 31, 2022 and it has not been permitted yet.
The deal closed on March 31, 2026 and was recorded on April 8, 2026. The prior lender was JPMorgan Chase which held debt that had an original loan amount of approximately $74.6 million. The loan price per planned square foot is $330 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Bridge Investment Group was Sean Zasche . The signatory for Goldman Sachs was Andrew White .

The property

The office building in Greenwood Heights has 55,739 square feet of built space and 885,251 square feet of additional air rights for a total buildable of 939,654 square feet according to a PincusCo analysis of city data. The parcel has frontage of zero feet and is zero feet deep with a total lot size of 435,718 square feet. 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 $10.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $5,000 in OATH penalties in the last year.

Development

On these lots, there are three active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 1,250,431 square feet. The largest, B08029013, is a new building project for a 1,038,742 square-foot S-1 building submitted by Bridge Investment Group and filed by John Porcek with plans filed October 31, 2022 and it has not been permitted yet. The second largest, 321592503, is a new building project for a 175,308 square-foot S-1 building submitted by DH Property Holdings and filed by Dov Hertz with plans filed July 24, 2020 and permitted August 9, 2022.

The neighborhood

In Greenwood Heights, The bulk, or 37 percent of the 16.2 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 had very little sales volume relative to other neighborhoods with $232.6 million in sales volume in the last two years. For development, Greenwood Heights has had very little major development activity relative to other neighborhoods.It had 470,105 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block PincusCo has identified the owners of three of the 11 commercial properties representing 384,102 square feet of the 490,152 square feet. The largest owner is Fedex, followed by Krasnyi Oktyabr and then Oak Capital Partners.

The borrower

The PincusCo database currently indicates that Bridge Investment Group owned at least five commercial properties in New York City with 141,603 square feet and a city-determined market value of $36.1 million. (Market value is typically about 50% of actual value.) The portfolio has $133.8 million in debt, borrowed from TPG Real Estate Partners and BMO Bank. Within the portfolio, the bulk, or 86 percent of the 141,603 square feet of built space are industrial properties, with office properties next occupying 14 percent of the space. The bulk, or 69 percent of the built space, is in Brooklyn, with Bronx next at 17 percent of the space.

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