Pearl Realty buys two industrial parcels in Red Hook for $13.4M

Jack Guttman of Pearl Realty Management through the entity 162 Van Dyke LLC paid $13.4 million to Jonathan Robbins through the entity 162-182 Van Dyke LLC for industrial (E1) at 168 Van Dyke Street in Red Hook, Brooklyn and industrial (E1) at 162 Van Dyke Street in Red Hook, Brooklyn.
The deal closed on September 3, 2021 and was recorded on September 15, 2021.
The two properties have 31,821 square feet of built space and 266 square feet of additional air rights for a total buildable of 32,067 square feet according to PincusCo analysis of city data. The sale price per built square foot is $421 and the price per buildable square foot is $417 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.)

Within a 400-foot radius of 162 Van Dyke Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit issued on November 10, 2020 for a 31,028-square-foot R-2 building with 22 residential units at 199 Conover Street.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit issued on September 2, 2021 for the $2.8 million renovation of 112,148-square-foot F-1 building with N/A residential units at 185 Van Dyke Street.
One of those four items was a sale which Lee Cohen bought the N/A-square-foot development site (V0) on 185 Conover Street and eight other properties for $8.1 million from Christopher Guido on December 26, 2019.
One of those four items was a loan which Lee Cohen borrowed $19.2 million from S3 Re 185 Conover Funding LLC secured by the N/A-square-foot development site (V0) on 185 Conover Street and eight other properties on December 26, 2019.

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