CenterPoint pays $119M to Innovo Property Group for warehouse in Hunts Point

CenterPoint Properties through the entity Centerpoint Barry LLC paid $119.0 million to Innovo Property Group through the entity 511 Barry Owner LLC for development site (V1) at 511 Barry Street in Hunts Point, Bronx. The Commercial Observer reported on the sale previously.
The deal closed on August 24, 2021 and was recorded on September 7, 2021.
The property has 153,965 square feet of built space and 246,738 square feet of additional air rights for a total buildable of 401,200 square feet according to PincusCo analysis of city data. The sale price per built square foot is $772 and the price per buildable square foot is $296 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 Innovo Property Group was Ryan Bathie. The signatory for CenterPoint Properties was James N. Clewlow and Michael Tortorici.
Over the past five years, there has been one NYC Department of Buildings permit application 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 $2.8 million. One of the projects were to change the building from a B-2 to a S-2.

Direct link to Acris document. link