Dov Hertz Sells Staten Island Industrial Storage Site For $167M
Dov Hertz has sold a massive industrial outdoor storage site on Staten Island for $167 million.
The industrial investor’s DH Property Holdings sold the roughly 53-acre parcel at 1900 and 1800 South Avenue on Staten Island to real estate investment firm Jadian Capital, a person familiar with the deal told The Real Deal. The transaction is the largest IOS sale in New York City history, according to commercial brokerage Cushman and Wakefield, which represented the seller.
Hertz’s firm purchased the sites separately in 2020 and 2021 for a combined $79 million. The developer has since spent around $10 million in capital projects on the property in the Bloomfield section of the borough’s western coast, the person said. A person familiar with the deal told TRD in 2021 the firm planned to develop a warehouse as big as 400,000 square feet on the site, but that structure doesn’t appear to have materialized.
Kyle Schmidt of Cushman and Wakefield first announced the transaction in a LinkedIn post on Tuesday, noting that the property is fully leased to City Asphalt, an asphalt manufacturer, and IAA, a junk car auction website.
The sprawling site has a waterfront dock, a railroad yard and access to regional highways, putting it within striking distance of nearby shipping terminals and consumers in both New York and New Jersey. It was previously owned by Robert and Neil Vanderbilt, descendants of the wealthy railroad family that owned many pieces of property on Staten Island.
The buyer, Jadian Capital, plans to use the property as an industrial outdoor storage site, an open-air plot of land typically used to store shipping containers, raw materials and cars, the person told TRD.
The New York and Stamford, Connecticut-based investment firm, led by former Fir Tree Partners executive Jarret Cohen, picked up a $231 million loan from private equity giant Blackstone last year for its portfolio of 43 industrial outdoor storage properties.
Jadian’s portfolio spans 13 states, including Colorado, Florida, Georgia, New Jersey and Texas. Most of their existing acreage is in the Sun Belt states, but the firm has recently made a push into the Northeast.
Cohen told TRD after closing a $650 million fund in 2020 that the firm specializes in “less competitive sectors.”
This is not Hertz’s first time selling a property before completing an ambitious warehouse development plan. He unloaded part of a Sunset Park industrial site to FedEx in 2024 for $248 million after scoring $442 million in financing from JPMorgan to build a 1.3 million-square-foot distribution hub two years prior. But Hertz is still no stranger to big industrial deals. The developer, who left Gary Barnett’s Extell Development in 2016 to start his own firm, leased a warehouse in Red Hook to Amazon for $330 million in 2022.
Correction: An earlier version of this article named Hertz’s Kadima Industrial Partners as the seller of the site.
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