CenterPoint pays $116.5M to Goldman Sachs, Blumenfeld for Hunts Point warehouse

CenterPoint Properties through the entity Centerpoint Leggett LLC paid $116.5 million to Goldman Sachs Asset Management and Blumenfeld Development Group through the entity 1080 Leggett Owner LLC for a warehouse (E1) at 1080 Leggett Avenue in Hunts Point, Bronx.
The deal closed on May 19, 2021 and was recorded on June 3, 2021.
The property has 140,348 square feet of built space and 278,901 square feet of additional air rights for a total buildable of 419,400 square feet according to PincusCo analysis of city data. The sale price per built square foot is $830 and the price per buildable square foot is $277 per the PincusCo analysis.
The owner bought the property on 22-May-19, for $38.5 million.
The signatory for Goldman Sachs Asset Management and Blumenfeld Development Group was Dirk Degenaars. The signatory for CenterPoint Properties was James N. Clewlow.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $6.5 million.
CenterPoint bought a rehabilitated warehouse “last mile” facility. The buyer first disclosed the deal through a press release published on their website. The Real Deal reported that the property sold just 16 months after the initial purchase for about three times what Goldman and Blumenfeld paid for it.

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