The Port Washington-based real estate development firm BEB Capital has purchased an industrial building in Port for $9.35 million, according to CEO Lee Brodsky.
The building, located at 55 Harbor Park Drive is 56,745 square feet in size, broken down to 30,000 square feet for warehouse space and 20,000 square feet for office/flex space. The structure has 26-foot-high ceilings, five loadings docks, and 89 parking spaces.
The price paid by BEB Capital — about $165 per square foot — is due to the demand for warehouse space near New York City, Brodsky said.
“Port Washington is the first industrial market east of Queens and Brooklyn,” he said. “A lot of former industrial spaces in Queens and Brooklyn are being converted into residential and commercial… at the same time, there is a growing market for industrial space due to e-commerce. The Amazons of the world are enhancing their distribution needs.”
BEB Capital owns properties from Vermont all the way down to Miami. Most of them are located in the Greater New York City area, and Brodsky said he likes to purchase property in Port Washington.
“We like to invest in the local community since my family still lives here today,” Brodsky said, noting his father did business in Port for several decades.
In anticipation of a new tenant, Brodsky said that BEB is planning several upgrades to the structure, including facade work, landscaping, raising the ceiling height, and possibly the installation of solar panels.
“We want the [building] to represent the assets we own,” he said.