Goldman, Blumenfeld team up to buy Bronx warehouse for $40M

Companies bought 1080 Leggett Avenue, which they plan to use for last-mile distribution
By Eddie Small | May 16, 2019 12:06PM

Renderings and the currrent site at 1080 Leggett Avenue in the Bronx

Renderings and the currrent site at 1080 Leggett Avenue in the Bronx

A joint venture of Goldman Sachs Asset Management and Blumenfeld Development Group is buying an industrial property in the Bronx for $38.5 million.

The companies are buying the Hunts Point property from Advantage Wholesale Supply, and they plan to use it as a warehouse for last-mile distribution, according to Pinnacle Realty’s David Junik, who brokered both sides of the deal with his colleagues Fred Stein and Ariel Castellanos. CBRE’s Bill Jordan brought in Blumenfeld on the transaction.

Pinnacle Realty’s David Junik

Pinnacle Realty’s David Junik

The property is home to a one-story building that spans 144,000 square feet and comes with an additional 84,000 square feet of land. Advantage Wholesale Supply purchased it in 2013 for $15.75 million.

Representatives for Goldman and Blumenfeld did not immediately respond to requests for comment.

This is the second sizable Bronx deal that Pinnacle Realty has recently brokered. The firm also represented both sides in the sale of 1601 Bronxdale Avenue, which Himmel + Meringoff Properties and Square Mile Capital purchased for $89 million.

Blumenfeld recently landed a $235 million refinancing package for its East River Plaza retail center in East Harlem.