A 44-acre Bloomfield property on Staten Island’s “Job Coast” has been sold to a Manhattan-based real estate investment and asset management firm with an extensive track record for acquiring underperforming assets.
A 44-acre Bloomfield property on Staten Island’s “Job Coast” has been sold to a Manhattan-based real estate investment and asset management firm with an extensive track record for acquiring underperforming assets.
DH Property Holdings purchased the land at 1900 South Ave., which can accommodate more than 420,000 square feet of warehouse/distribution space, according to the Manhattan-based Cushman & Wakefield, which served as the exclusive advisor to DH Property Holdings LLC for the sale. The property was sold for $65 million, sources said.
“We are very excited to add 1900 South Avenue to our portfolio of trophy industrial development sites in the New York Metropolitan Area. This site offers a rare combination of accessibility, scalability and multimodal transportation utility that makes for an ideal modern industrial site,” said Dov Hertz, founder and principal of DH Property Holdings. “Cushman & Wakefield did a terrific job structuring a joint venture that will allow us to maximize the site’s potential and sourcing competitive financing, each in a short timeframe.”
The property was previously owned by Robert and Neil Vanderbilt, descendants of the prominent railroad family with strong Staten Island roots. The Vanderbilts didn’t immediately respond to a request for comment.
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DH Property Holdings is a leading real estate development, investment and asset management firm focusing on complex industrial distribution warehouses in dense, urban-core areas.
