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…