RXR, LBA Realty pay $123M to Buckeye Partners for industrial, dev sites in Red Hook, Gowanus
RXR Realty and LBA Realty paid $123 million to Buckeye Partners for eight industrial and development properties in Brooklyn in two separate transactions.
In the larger, RXR Realty and LBA Realty through the entity Rxr-Lba Red Hook Owner LLC paid $103.5 million to Buckeye Partners through the entity Buckeye Terminals, LLC for industrial (F8) at 730 Clinton Street in Brooklyn, industrial (F8) at 728 Court Street in Red Hook, Brooklyn, and industrial (F8) at 764 Henry Street in Red Hook, Brooklyn.
The deal closed on December 17, 2021 and was recorded on December 29, 2021.
The four properties have 65,050 square feet of built space and 1,102,745 square feet of additional air rights for a total buildable of 1,168,860 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,590 and the price per buildable square foot is $88 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 Buckeye Partners was Robert A. Malecky. The signatory for RXR Realty and LBA Realty was Jason Barnett.
There has been one demolition project filed for the parcels over the past five years.
The contract date was October 6, 2020, more than a year earlier. LBA Realty is a logistics company.
Direct link to Acris document. link
In the second, RXR Realty through the entity Rxr-Lba Red Hook Court Street Owner LLC paid $19.5 million to Buckeye Partners through the entity Buckeye Terminals, LLC for industrial (F8) at 730 Court Street in Red Hook, Brooklyn, industrial (G1) at 726 Court Street in Red Hook, Brooklyn, and development site (V1) at N/A Gowanus Canal in Brooklyn.
The deal closed on December 17, 2021 and was recorded on December 29, 2021.
The four properties have 17,357 square feet of built space and 341,773 square feet of additional air rights for a total buildable of 358,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,124 and the price per buildable square foot is $54 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.)
There have been 3 demolition projects filed over the past five years.
Direct link to Acris document. link