A sprawling industrial outdoor storage site in Bloomfield, Staten Island has sold for $167 million, more than doubling what its owner paid for the land just a few years ago. The roughly 53-acre property at 1900 and 1800 South Avenue, fully leased to asphalt manufacturer City Asphalt and junk car auction site IAA, changed hands in what brokers are calling the largest industrial outdoor storage sale in New York City history.
Developer Dov Hertz's DH Property Holdings bought the two parcels separately in 2020 and 2021 for a combined $79 million, according to The Real Deal. Hertz's firm poured around $10 million into capital projects at the site, and the sale to Jadian Capital represents a return of more than double the original purchase price, as detailed by Commercial Observer. Cushman and Wakefield represented the seller in the transaction, according to the same report.
Notably, the site's current windfall almost never happened this way. Per a person familiar with the deal, Hertz once planned a warehouse as large as 400,000 square feet on the property back in 2021, but that plan does not appear to have materialized. Instead, the land stayed an open-air yard — and that decision to keep it as a fully leased outdoor storage operation is what ultimately drove the outsized sale price.
Who's Buying the Bloomfield Site
The buyer, Jadian Capital, is led by Jarret Cohen and based in New York and Stamford, Connecticut. The firm's push into the Northeast comes as it has aggressively built out a national industrial outdoor storage platform, having already secured a $231 million portfolio loan from Blackstone Real Estate Debt Strategies in 2025 for 43 such properties, according to JLL's account of the financing. At the time, firm leadership announced plans to deploy $2 billion into the sector over two years.
By April, Jadian's platform had grown to control more than 185 properties across 33 markets, worth roughly $1.7 billion, backed by an additional $226 million loan from Blackstone, per the same JLL reporting. Jadian's broader holdings span 13 states including Colorado, Florida, Georgia, New Jersey and Texas, and the firm operates its outdoor storage arm through its affiliate JIOS. The company specializes in less competitive commercial sectors, and news of the Staten Island purchase was first announced by Kyle Schmidt in a LinkedIn post.
Rail, Water and Highway Access on a Scarce Zoning Type
Part of what made the South Avenue site so valuable is what's already built into it: a railroad yard, a waterfront dock, and direct access to regional highways. The land sits within the West Shore corridor, which state planning documents identify as a 42-acre heavy industrial parcel historically used for aggregate recycling and asphalt operations, according to the New York State Department of State. The land was previously owned by Robert and Neil Vanderbilt.
The site's M3-1 zoning designation is central to its appeal. New York City's Department of City Planning defines M3-1 as a low-density heavy industrial district meant for high-impact or noisy uses, permitting open-air storage, truck terminals, recycling plants, and vehicle storage while barring residential development. That zoning type is scarce citywide, which creates steep barriers to entry for anyone hoping to build a competing yard.
Staten Island's industrial market backs up that scarcity story. Industrial vacancy on the island stood at just 3.3% in 2025, far tighter than outer-borough peers like the Bronx and Queens, where vacancy hovered near 10%, according to data from Institutional Property Advisors. The Bloomfield corridor along Staten Island's West Shore also sits near major logistics activity, including Amazon's 850,000-square-foot JFK8 robotics fulfillment hub on Gulf Avenue near the Goethals Bridge, per FLEX Fulfillment.
Part of a Bigger Institutional Land Grab
The Staten Island sale fits into a much larger surge of institutional money chasing outdoor storage nationally. The sector grew to roughly $218 billion in early 2026, up nearly 9% from $200 billion the prior year, with institutional investors now driving 35% to 45% of acquisition volume compared to 25% to 30% four years earlier, according to Matthews. These low-coverage sites — typically under 20% building footprint, used for truck fleets, container staging and heavy equipment — tend to command higher cap rates and rent growth than traditional warehouses.
Hertz is no stranger to big-ticket industrial deals. He previously sold part of a Sunset Park industrial site to FedEx for $248 million in 2024, leased a Red Hook warehouse to Amazon for $330 million in 2022, and secured $442 million in financing from JPMorgan that same year to build a 1.3 million-square-foot distribution hub. He left Gary Barnett's Extell Development in 2016 to launch his own firm.
Hoodline has tracked this same institutional wave building elsewhere in the city, from a Bronx land squeeze pushing up small-lot valuations to a separate outfit's push to raise nearly $300 million for outdoor storage yards. With warehouse construction across the city slowed by high interest rates and supply normalization, heavy-zoned open land with rail, water and highway connectivity — like the South Avenue site — remains almost impossible to replace, letting owners capture rising land value without ever building vertically.
