Brookfield Properties pays $45M to DH Property for Amazon-leased industrial in Red Hook

Brookfield Properties through the entity BPREP 55 Bay Street LLC paid $45 million to DH Property Group through the entity Rh 537 Building Owner LLC for a 99-year ground leasehold developed as an industrial property at 55 Bay Street also known as 537 Columbia Street, in Red Hook, Brooklyn. The transfer in city records shows the price at $40 million. The warehouse is leased to Amazon, according to the Commercial Observer.

Brookfield is now the tenant under the ground lease, with an affiliate of Terence Moriarty’s Grinnell Realty Holdings LLC as the landlord. The original 99-year lease between DH Property and Grinnell was signed in 2018.

The deal closed on November 18, 2021 and was recorded on December 9, 2021.
The property has 95,787 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $417 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 DH Property Holdings was Dov Hertz. The signatory for Brookfield Properties was Jonathan Kramer.
(321384523) Plans for an81,347 square-foot S-1 were filed on September 26, 2018 and were permitted on January 17, 2020.

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