Realterm pays $70M to RLR Investments for dev site in East Williamsburg

Realterm through the entity Rlf III Gardner Spe, LLC paid $70 million to RLR Investments through the entity R.L.R. Investments, L.L.C. for a development site at 512 Gardner Avenue in East Williamsburg, Brooklyn.
The deal closed on October 7, 2021 and was recorded on November 12, 2021. Realterm announced the acquisition in a press release on October 21.
The property has 24,456 square feet of built space and 370,713 square feet of additional air rights for a total buildable of 394,376 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,862 and the price per buildable square foot is $177 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 signatory for RLR Investments was Donald R. DeLuca. The signatory for Realterm was Ed Brickley.
PincusCo infers the property is a development site based on the high price per built square foot.

This is the fifth Realterm purchase recorded in city records in the past 24 months. The prior four sales totaled $95.875 million and were between December 2019 and October 2021, in the Bronx, Brooklyn and Queens. This is the second most expensive industrial building sale in East Williamsburg in the last 24 months. The most expensive was a $54 million sale to Terreno Realty Corporation. Steel Equities has bought three properties in the last 24 months in the neighborhood.

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