DC-Based Firm Buys Red Hook Warehouse for $22M

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An 80,000-square-foot warehouse in Red Hook, Brooklyn, that has been on the market for nearly five years sold to a Washington, D.C.-based firm for $21.5 million, property records show.

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W-G Capital Advisors picked up the single-story property at 145-165 Wolcott Street between Ferris and Dikeman Streets from owner Gregory Iovine in a deal that closed last month but was made public in city records today.

W-G Capital did not immediately respond to a request for comment and Iovine could not be reached for comment.

Iovine, under the name 145-65 Wolcott St. Realty Corps., bought the property from the New York City Industrial Development Agency in June 2013 for an undisclosed price, city records show. He put the warehouse up for sale a year later with a $24 million asking price, as Commercial Observer previously reported.

Edward Beason and Frank Manzione of Manzione Real Estate, which is owned by Realty Collective, were the sole brokers on the deal.

The industrial property has M2-1 zoning for manufacturing districts and is eligible for several tax incentives because it’s in the Southwest Brooklyn Industrial Business Zone, according to CO.