DH Property Holdings Breaks Ground on 55 Bay Street in Brooklyn
JLL tapped to market & lease 85,000-square-foot, last-mile distribution center on Red Hook waterfront
EAST RUTHERFORD, N.J., July 23, 2019 — DH Property Holdings LLC has begun construction on 55 Bay Street, an 85,000-square-foot, Class A, distribution center in the Red Hook section of Brooklyn, N.Y. JLL was selected as exclusive leasing agent for the project, and will provide a full range of marketing and leasing services for the industrial development.
The JLL professionals overseeing the leasing assignment include Rob Kossar, vice chairman and head of the firm’s Northeast Industrial Region, and Leslie Lanne, managing director. They will work closely with Dov Hertz and Aaron Malitzky of DH Property Holdings.
“This brand-new, state-of-the-art, single-story development is ideally located in the Red Hook section of Brooklyn, the most populous borough in New York,” said Kossar. “Located just minutes from the Brooklyn-Queens Expressway (I-287), this site also has immediate access to Manhattan via the Hugh Carey Tunnel and Williamsburg and Brooklyn bridges, giving it an unmatched ability to reach the country’s largest consumer base.”
The single-story, 85,000-square-foot distribution center will offer 36-foot clear ceiling heights, energy-efficient LED lighting, 54-foot by 58-foot column spacing, 18 loading docks, two drive-in doors and 47 car parking spaces. DH Property Holdings has finished demolition at the site, and began construction on 55 Bay Street in June, with completion expected in the second quarter of 2020.
“New York has the biggest population of any city in the United States, but it remains critically-underserved by modern distribution centers,” said Hertz. “As e-commerce sales continue to increase, facilities like this will be crucial to meeting the demand from customers looking for quick delivery of goods.”
JLL formed its Northeast Industrial Region in early 2017, combining its industrial brokerage operations in Connecticut, New Jersey, New York and Pennsylvania into a single region. The firm merged its industrial business lines to better serve clients that increasingly view the industrial sector in all four states as one large interconnected market. The Northeast Industrial Market comprises approximately 1.54 billion square feet of industrial space, and represents the largest industrial market in the United States.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
DH Property Holdings is a Manhattan based real estate investment and asset management firm with an extensive track record acquiring underperforming assets in, and around, New York City. Founded and led by Dov Hertz in November of 2016, DHPH has acquired properties throughout the greater New York area. DHPH is focused on value-add opportunities in all asset classes and specifically focused on last-mile industrial and warehouse logistics assets in the boroughs of New York City. Currently, DHPH is developing approximately two million square feet of Class A industrial facilities in Brooklyn, including the first multistory industrial building on the East Coast.