LBA Logistics pays $7M to Buckeye Partners for industrial in Red Hook

LBA Logistics through the entity 659 Court Street, LLC paid $7 million to Buckeye Partners through the entity Buckeye Terminals, LLC for the industrial building (E1) at 659 Court Street in Red Hook, Brooklyn.
The deal closed on March 17, 2025 and was recorded on March 20, 2025. The property has 36,600 square feet of built space and 109,350 square feet of additional air rights for a total buildable of 145,800 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $191 and the price per buildable square foot is $48 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 seller bought the property on November 1, 2019, for $92.1 million. The signatory for Buckeye Partners was Curt Kieffer and Anna Chen. The signatory for LBA Logistics was Steven Briggs. The contract date was October 6, 2020.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer LBA Logistics had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Buckeye Partners had not purchased any other properties and sold six properties in one transaction for a total of $73.5 million over the same time period. The 36,600-square-foot property generated revenue of $713,700 or $20 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Red Hook has 36,600 square feet of built space and 109,350 square feet of additional air rights for a total buildable of 145,800 square feet according to a PincusCo analysis of city data. The parcel has frontage of 250 feet and is 267 feet deep with a total lot size of 72,900 square feet. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $3.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

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 Red Hook, The bulk, or 40 percent of the 11.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 24 percent of the space. In sales, Red Hook has near average sales volume among other neighborhoods with $274.3 million in sales volume in the last two years and is the 24th highest in Brooklyn. For development, Red Hook has near average amount of major developments among other neighborhoods and is the 14th highest in Brooklyn. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 36,600 square feet of the 36,600 square feet. The identified owner is Ifm Investors.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 36,600 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

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