Prologis pays $60M to Dov Hertz’s DH Property Holdings for industrial property in Sunset Park

Prologis through the entity Kings Logistics Center 1 LLC paid Dov Hertz’s DH Property Holdings’s Sl 150 52nd Street Owner LLC $60.0 million for 150 52nd Street in Sunset Park. Prologis bought the property by purchasing a contract Hertz signed with Mark Karasick’s 601West Companies last year. The Prologis deal closed on January 15, 2020, and was recorded on January 24, 2020. The transaction consists of 1 parcel, including the tax class fireproof warehouse (E1). The property is 128,500 square feet. The parcel(s) have total development potential of 202,139 square feet.
The average sale price per square foot is $200.

This is Prologis’s fifth recorded purchase in four months for a total of more than $140 million.

The sale price reported in Acris was $40.5 million, but that appears to be the contract price Hertz agreed to pay to Mark Karasick’s 601West Companies. While under contract, Hertz locked in tenant City Harvest, then sold the contract to Prologis. The last time the property sold was April 7, 2014, when 601West Companies bought it for $19,500,000.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $556,579.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link