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The Gindi, Chetrit and Nakash families formed a joint venture with Bridge Investment Group to expand a warehouse at a $45 million Red Hook commercial site.
The four-on-595, 611, 627, and 659 Smith Street plot is within an opportunity domain designated under a federal tax incentive program created through the Tax and Employment Reduction Act of 2017.
Eli Gindi, co-founder and one of Gindi Capital’s, told The Real Deal that the Gindi, Chetrit and Nakash families co-own the four-acre site. According to asset records, they bought the assets in 2007 from Edward. and Madeline Cohn for $14. 5 million.
Property records show that ownership of the site was recently transferred to Red Hook INDU OZ Owner, a newly created screen company whose management is indexed to gindi capital’s care, for $45 million.
Gindi said it was the price of the assets and that the three families would build a warehouse with a workplace and parking lot using a qualified opportunity fund controlled through Bridge Investment Group, an active player in the opportunity zone.
Chetrit Group, Nakash’s family circle and Bridge Investment Group did not respond to requests for comment by email and phone.
Official plans for the assignment have still been submitted, Gindi said.
The commercial sector has been one of the few positive aspects of the economic recession caused by the pandemic, as the call to the construction of storage areas increases with the increase in the number of other people buying food online.
Part of the site, at 595-611 Smith Street, amid an arson investigation after a suspicious chimney in July 2018 emptied an antique warehouse, SW Bowne’s cereal warehouse.
The chimney site caught the eye as it happened a few weeks after conservationists began pressing for the construction to be identified. Firefighters considered the site of the fire suspicious, but the Bureau of Fire Investigation closed its investigation in September 2019 without identifying a suspect, according to the Brooklyn Daily Eagle.
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