Madison Capital pays $45M to Jack Guttman for two industrial buildings in Red Hook

Madison Capital through the entity MC Pr III 688 Court Realty LLC paid $45 million to Jack Guttman through the entity 688 Court Street LLC for industrial (F5) at 688 Court Street in Red Hook, Brooklyn and industrial (E1) at 702 Court Street in Red Hook, Brooklyn.
The deal closed on May 27, 2021 and was recorded on June 8, 2021.
The two properties have 65,318 square feet of built space and 250,345 square feet of additional air rights for a total buildable of 315,360 square feet according to PincusCo analysis of city data. The sale price per built square foot is $688 and the price per buildable square foot is $142 per the PincusCo analysis.
The signatory for Jack Guttman was Jack Guttman. The signatory for Madison Capital was J. Joseph Jacobson.
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 $1,000.
The contract date was March 11, 2021.

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