The Real Deal New York

Two Trees-linked LLC buys Brooklyn petroleum facility

Company purchased the property from Zenith Energy in a sale-leaseback
By Eddie Small | October 10, 2018 12:32PM

25 Paidge Avenue in Brooklyn and Jed Walentas (Credit: Google Maps and Getty Images)

Texas-based company Zenith Energy has sold a Greenpoint petroleum facility for $62 million to an LLC linked with Two Trees Management in a sale-leaseback, according to property records.

The signatory for the buyer of 25 Paidge Avenue is Amish Patel, who appears to be a business partner of Two Trees Management’s Jed Walentas. The buyer is listed in property records as 25 Paidge LLC, which has a mailing address of Two Trees’ 45 Main Street in Brooklyn.

They have already leased the building back to Zenith Energy on a 25-year ground lease and are funding the purchase with a $36 million loan from Signature Bank.

Zenith Energy acquired the site last year as part of its $406 million acquisition of Arc Terminals.

Representatives for Two Trees and Zenith did not immediately respond to requests for comment.

Projects on their way to Greenpoint include a 134,000-square-foot office building from Simon Baron Development at 12 Franklin Street and a 244,000-square-foot mixed-use project from All Year Management at 22 and 26 Clay Street.