Gindi Capital acquires Chetrit Group’s stake in property valued at $45M in Brooklyn

Gindi Capital through the entity Red Hook Indu Oz Owner, LLC acquired from the Chetrit Group’s Cf Smith LLC a full stake in the property valued at $45 million at 595 Smith Street, 611 Smith Street, 627 Smith Street, and 659 Smith Street in Brooklyn. The deal closed on December 22, 2020, and was recorded on January 4, 2021. The transaction consists of 4 parcels, including the tax class fireproof warehouse (E1). The property is 71,280 square feet. The parcel(s) have total development potential of 158,880 square feet.
The average sale price per square foot is $283.

Gindi Capital, which already owned 50 percent of the property, bought out the Chetrit Group which owned 50 percent of the site.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There have been 3 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA.