Getir signs $70M loan with WhiteHawk Capital for FreshDirect warehouse in Mott Haven

Getir through the entity Fresh Property Bronx, LLC as borrower signed a initial loan with lender WhiteHawk Capital Partnersd valued at $70 million for a distribution center at 2 St. Ann’s Avenue in Mott Haven, Bronx and two large, adjacent parcels.
The deal closed on April 28, 2025 and was recorded on May 1, 2025. The three properties have 613,339 square feet of built space and 5,184,177 square feet of additional air rights for a total buildable of 5,795,636 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $114 and the price per buildable square foot is $12 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 Getir was Mehmed Nazim Salur. The signatory for WhiteHawk Capital Partners was Robert Louzan . Getir bought FreshDirect in 2023. This is the first debt Getir has placed on the leasehold properties.

Prior sales and revenue

Out of the three properties, one with a total of 613,339 square feet of built space generated revenue of $22.4 million per year.

The property

The industrial buildings in Mott Haven has 613,339 square feet of built space and 5,184,177 square feet of additional air rights for a total buildable of 5,795,636 square feet according to a PincusCo analysis of city data. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing.

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 two DOB violations and $23,000 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the three buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has near average sales volume among other neighborhoods with $236.9 million in sales volume in the last two years and is the 2nd highest in Bronx. For development, Mott Haven has 1.6 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Bronx. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On the tax block of 2 St. Ann’s Avenue, PincusCo has identified the owners of one of the eight commercial properties representing 300,000 square feet of the 1,118,035 square feet. The identified owner is Benenson Capital Partners.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 1.1 million square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

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