Fruchthandler, Schron sell Red Hook warehouse for $100M

Prime Storage picked up the Brooklyn waterfront site

New York /
Mar.March 08, 2019 05:56 PM

62 Imlay Street (Credit: Wikipedia)

A partnership between the Fruchthandler and Schron families has parted with a 223,000-square-foot warehouse on the Brooklyn waterfront.

Prime Storage picked up the property at 62 Imlay Street for $100 million, according to property records.

The warehouse is used as storage space for Christie’s, which signed a lease for the site in 2009. It was unclear if the auctioneer planned to stay at the site under the new ownership.

Daniel Rahmani of Capital Property Partners represented both sides on the deal.

Prime Storage and Christie’s did not immediately respond to requests for comment. The Fruchthandler and Schron families could not immediately be reached.

The outer boroughs have recently seen several deals for self-storage developments and conversions, given the strong demand for the asset class. Cayre Equities has purchased a 92,000-square-foot building at 1260 Atlantic Avenue in Crown Heights that it plans to convert into a Treasure Island Storage facility, for instance, and the fine art storage company Uovo is converting a warehouse in Bushwick at 105 Evergreen Avenue into a storage facility as well.


Related Articles

arrow_forward_ios
Before the pandemic, national tenants paid 94 percent of rent. (Getty)

Retail rent collections rebound to 90%

Retail rent collections rebound to 90%
Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)

7 Manhattan hotels head to auction block

7 Manhattan hotels head to auction block
As companies leave Silicon Valley, Austin, Texas is becoming a top destination. (Getty)

Silicon Valley exodus: Where’d everyone go?

Silicon Valley exodus: Where’d everyone go?
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
Gov. Andrew Cuomo announced that a major development surrounding Penn Station. (Getty)

Cuomo adds housing to $51B Midtown West project

Cuomo adds housing to $51B Midtown West project
Alex Sapir (Getty)

Former Sapir employee accuses company of retaliation

Former Sapir employee accuses company of retaliation
229 West 43rd Street in New York and Two Westlake Park in Texas. New York and Texas are the states with the largest exposure to loans with appraisal reductions. (Photos via iStock; Google Maps; JLL)

What appraisal reductions mean for future losses on CMBS loans

What appraisal reductions mean for future losses on CMBS loans
Cushman & Wakefield CEO Brett White, Mayor Bill de Blasio, and Donald Trump, Eric Trump and Donald Trump Jr. (Getty)

Cushman & Wakefield, NYC cut ties to Trump Organization

Cushman & Wakefield, NYC cut ties to Trump Organization
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...