Prologis has acquired 150 East 52nd Street in Sunset Park from Dov Hertz’s DH Property Holdings for $60 million, TRD first reported. The two-acre site consists of a two-story building that spans 130,000 square feet, in addition to 35,000 square feet of parking and loading docks.
- Backdrop: Dov Hertz signed a hard contract to acquire the warehouse from Mark Karasick’s 601W Companies in June. Although the contract price wasn’t disclosed at the time, the site was marketed with an asking price of $40 million. Hertz subsequently negotiated buyouts with a handful of tenants who occupied the building leading the way to bring in food-rescue nonprofit City Harvest.
- Contract flip: Hertz negotiated a triple-net lease for the building with City Harvest, which will relocate from its corporate headquarters in Midtown South and its operations warehouse in Long Island City. Hertz then flipped the contract to Prologis.