Dov Hertz Offloads Major Staten Island Industrial Site for $167M

A 53-acre industrial outdoor storage (IOS) parcel on Staten Island just changed hands for $167 million. 

Real estate investment firm Jadian Capital acquired the property at 1900 and 1800 South Avenue, located on the island’s west shore, from Dov Hertz’s Kadima Industrial Partners, according to broker Cushman & Wakefield. 

“This is a truly special industrial project, given its scale and the combination of road, rail and maritime access,” Kyle Schmidt, vice chair at C&W, told Commercial Observer. “There simply aren’t many sites in New York City that offer this kind of functionality, particularly on a fully leased 53-acre footprint. We were pleased to help bring a project of this caliber to market and deliver a transaction that reflects just how much demand there is for scarce, well-located IOS in the region.”

Spokespeople Jadian Capital and Kadima Industrial did not immediately respond to Commercial Observer’s requests for comment. The Real Deal first reported the news. 

In a LinkedIn post annoucing the sale, Schmidt listed C&W brokers Gary Gabriel, Ryan Larkin, Seth Zuidema, Helen McCarthy Paul, Rico Murtha and Gurpreet Singh as representing the seller. It is unclear who represented the buyer in this deal. 

Hertz’s DH Property Holdings had acquired both Staten Island sites in two separate transactions — one in 2020 and the other in 2021 — for a total of $79 million, according to TRD. Since then, the property owner spent about $10 million in capital projects on the site. 

The property is fully leased to asphalt mixing plant City Asphalt and auction house IAA, with both a waterfront dock and train access. Jadian will continue to operate the property as an IOS facility, according to TRD. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.