DH Property Holdings, LLC, a leading developer and owner of urban infill industrial logistics facilities, secured $88 million from Apollo Global Management subsidiary Athene, to refinance and make capital improvements to 1900 South Avenue in Staten Island, New York.
The property is the largest privately-owned industrial site in New York City, offering rare tri-modal access with a railroad track connection to the CSX/NS National Rail System served by Conrail, a 650-foot waterfront steel bulkhead dock and direct interstate access to route 440. The site is situated near Goethals Bridge, Verrazzano-Narrows Bridge and the largest port on the East Coast – The Port of New York & New Jersey.
DHPH acquired 1900 South in December 2020, and acquired additional adjacent parcels in 2021. The 53-acre property has attracted a diverse tenant roster with flexible zoning for warehouse, industrial and distribution space. City Asphalt and Insurance Auto Auctions currently lease more than 80% of the site. An additional 10 acres remain available at the property.
Walker & Dunlop’s Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Ianno arranged the transaction.
“The property provides enormous flexibility and future opportunity, which enabled us to secure competitive financing at a time where capital is harder to come by,” said DH Property Holdings Founder and President Dov Hertz. “We have seen continued momentum for Industrial Outdoor Storage in the market.”
DHPH is a leading developer of urban distribution warehouses with 6.5 million square feet of Class-A facilities under management throughout the Northeast, including in New York City, Boston, New Jersey and Philadelphia.
Founded in 2016 by Dov Hertz, DHPH is a Manhattan-based industrial real estate development, investment and management firm that has been at the forefront of the industrial logistics trend, developing best-in-class distribution warehouses in complex and challenging urban environments. The company developed 640 Columbia Street, the first
multi-story logistics center in New York City.