A three-story logistics development in Brooklyn, New York, that’s fully leased to online giant Amazon was sold last year for $330 million by industrial developer DH Property Holdings and the real estate business within Goldman Sachs Asset Management. CBRE Investment Management, an independently operated affiliate of brokerage giant CBRE, was the buyer.
The deal, a big bet on demand for so-called last-mile delivery, won a 2023 CoStar Impact Award for best sale/acquisition in the Long Island market, which CoStar defines to include Brooklyn, as judged by area real estate professionals.
DH Property built the 400,000-square-foot complex at 640 Columbia St. in Brooklyn's Red Hook neighborhood. The company, which acquired the 4-acre site in 2018, developed the building on speculation without any tenants lined up before securing the deal with Amazon.
The property is billed as the first multistory logistics facility on the East Coast.
At the time of the sale, the $330 million deal was ranked as the largest industrial transaction in New York for at least the prior three years and was also one of the 10 largest in the United States during the same period, according to CoStar data.
About the project: The property features ramp access to the loading docks on the second floor, internal ramps connecting the three floors and a dedicated private elevator servicing the third floor. It’s in proximity to downtown Manhattan, Brooklyn and Queens, with the facility being able to reach more than 13.5 million people, which is the largest concentration of e-commerce consumers in the United States, according to the deal announcement.
What the judges said: “The sale is one of the first logistic development full-circle completions, from purchase to development to long-term lease to disposition,” said Adam Rochlin, owner of the Rochlin Organization.
They made it happen: Dov Hertz, president of DH Property, was key to the transaction. He founded the firm in 2016.
