Turnbridge, Dune snag elusive Brooklyn industrial property

Firms replacing 2 vacant properties with ground-up warehouse construction

New York /
Jan.January 05, 2022 03:00 PM
Turnbridge Equities, Dune Real Estate snag elusive Brooklyn industrial property

807 Bank Street and Turnbridge’s Ryan Nelson (Arqui300, Turnbridge)

Turnbridge Equities and Dune Real Estate Partners recently notched a rare find, nabbing a site in Brooklyn to begin ground-up construction of a warehouse.

The real estate firms bought two vacant warehouses at 807 Bank St and 300 DeWitt Ave in Brooklyn’s Canarsie neighborhood from two separate sellers, according to Turnbridge Equities’ Ryan Nelson. The price on the deal came to $22.5 million.

The developers plan to tear down the existing properties and build a 170,000-square-foot development with an 80,000-square-foot last mile warehouse and 90,000 square feet of parking space. The site will be built on spec, meaning it has no tenant in place.

Starwood Capital Group provided a $49 million loan for the acquisition and construction of the site, according to Nelson.

Construction is expected to begin in May and the project is planned to be finished in the second quarter of 2023.

The warehouse will include four full-size loading docks, eight drive-in doors and 18-foot clear heights. It sits minutes away from the L subway and near warehouses used by Amazon, UPS, and FedEx.

The pandemic accelerated the rise of e-commerce, making industrial New York City’s hottest asset class and spiraling the number of available sites.

In addition to the existing land shortage, some sites zoned for industrial are being rezoned for residential development in areas like Gowanus. The tight market has meant investors are facing staggering prices for properties amid intense competition from larger institutional investors such as Blackstone or Prologis.

Blackstone recently bought a 112,800-square-foot factory building at 906 Wortman Avenue in New Lots, Brooklyn, for $35.5 million. Prologis bought a 31,500-square-foot warehouse at 280 Johnson Avenue in East Williamsburg for $27.5 million.

Turnbridge and Dune filed plans last year to build a massive industrial project in the South Bronx. The venture plans to build a 1.2 million-square-foot industrial development on East 149th Street in Port Morris, which will include about 879,000 square feet of warehouse space.





    Related Articles

    arrow_forward_ios
    BFC Partners managing principal Donald Capoccia and renderings of 1607 Surf Avenue on Coney Island (BFCNYC)
    BFC breaks ground on next phase of Coney Island affordable project
    BFC breaks ground on next phase of Coney Island affordable project
    Meridian Capital’s Ralph Herzka with 165 Central Avenue, 198 Scholes Street, 11 Gunther Place in Brooklyn (Getty, Google Maps, Apartments)
    Meridian Capital could get exclusive on All Year’s $1B portfolio
    Meridian Capital could get exclusive on All Year’s $1B portfolio
    30 Front Street #30A and 72 Poplar Street (Streeteasy)
    $8M Dumbo condo tops Brooklyn home contracts
    $8M Dumbo condo tops Brooklyn home contracts
    360 Kingsland Avenue in Greenpoint, Brooklyn (Google)
    Sitex Group pays $30M for Greenpoint industrial property
    Sitex Group pays $30M for Greenpoint industrial property
    Regal at 106 Court Street (Downtown Brooklyn Partnership)
    Regal theater on Downtown Brooklyn’s Court Street unexpectedly shuttered
    Regal theater on Downtown Brooklyn’s Court Street unexpectedly shuttered
    A photo illustration of 51-53 East 73rd St, 300 De Witt Ave, 137 Bayard Street and 3044 Coney Island Ave (LoopNet, Rosewood Realty Group/Illustration by Steven Dilakian for The Real Deal)
    Ten mid-market investment sales to start your day
    Ten mid-market investment sales to start your day
    Park Slope Townhouses Top Brooklyn Luxury Contracts (Corcoran, Compass)
    Park Slope townhouses top Brooklyn’s luxury contracts
    Park Slope townhouses top Brooklyn’s luxury contracts
    (iStock)
    Rents in Manhattan and Queens recover while Brooklyn lags behind
    Rents in Manhattan and Queens recover while Brooklyn lags behind
    arrow_forward_ios

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

    Loading...