The father-and-son development team of Joshua and Jack Guttman is again betting big on the Bronx.
The Guttmans’ Pearl Realty Management bought a 10.5-acre development site in the industrial section of Hunts Point for $24 million, just a short walk away from where the company stitched together a nearly full-block assemblage two years ago.
The developers’ newest property is an L-shaped site that fronts 1,000 feet along the East River at 1110 Oak Point Avenue, and comes with nearly 875,000 buildable square feet.
The younger Guttman confirmed the purchase, but didn’t elaborate on the family’s plan for the site. The seller is the former Castle Oil Corporation, according to property records, which the New Hampshire-based Sprague Oil Company purchased last year.
James Nelson, who represented the seller along with a team at Cushman & Wakefield, said the site has a valuable amenity with its access to the waterfront, which connects to a recently opened park.
“We really looked at this as a destination location to use the waterfront,” he said. “Hunts Point has become such a destination for wholesale, and it’s so hard to find large-scale opportunities [like this.]”
The Guttmans, probably best known for their controversial plans to redevelop the Greenpoint Terminal in Brooklyn into a 155-key hotel, assembled another Hunts Point development site about a block away in 2014 on a triangular-shaped block for $6.4 million.
Along with other Bronx neighborhoods that have seen significant investment in recent years, as The Real Deal reported in November, Hunts Point is getting its fair share of attention from both the public and private sectors.
The city is looking to encourage more residential development in the northern section of the neighborhood, while opening up the southern waterfront and supporting manufacturing and retail businesses.
Last spring the food-delivery service Plated leased 84,000 square feet within walking distance of the Guttman’s site at 511 Barry Street, where the asking rent was reportedly $10 per square foot.
A Cushman & Wakefield team of Caroline Hannigan, Nick Burns and Ben Fox represented the seller along with Nelson. Tom Cisco of Feinberg Brothers Agency negotiated on behalf of the Guttmans.
Belinda Schwartz and Mitchell Bernstein at the law firm Herrick Feinstein represented the seller.
Correction: A previous version of this post included a photo of the wrong Jack Guttman.