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Terreno Realty buys Red Hook warehouse for $26.3 million
The 28,000-square-foot East River waterfront property includes parking for 70 cars and two loading bays, and is leased to a maritime goods and services provider.
Terreno Realty has agreed to purchase a Red Hook, Brooklyn warehouse at 659 Court Street for $26.3 million, according to Commercial Observer. The deal covers a 28,000-square-foot industrial property on the East River waterfront.
The buyers described the site as having parking for 70 cars and two loading bays. The warehouse is also leased to a maritime goods and services provider, though the report says it is unclear who brokered the transaction.
Commercial Observer also notes that LBA Properties, the seller, originally acquired the building for $7 million less than a year and a half earlier, based on property records. It also points out that earlier owners faced large swings in the property’s pricing over time, including a real property transfer tax of $92.1 million paid in late 2019.
The transaction comes after strong leasing fundamentals in the industrial sector reported for the second quarter of 2026. CBRE cited year-over-year leasing growth of 11 percent to 268.7 million square feet, with vacancies declining to 6.5 percent.