The Most Consequential Projects and Deals of Dov Hertz
Introduction
The career of Dov Hertz spans two distinct but complementary phases. In his first act at Extell Development Company, he played a central role in some of the most ambitious assemblages and tower projects in New York City, shaping the skyline during the era that produced Billionaires’ Row. In his second act, as founder of DH Property Holdings (DHPH), he repositioned himself at the forefront of a new asset class: urban-core logistics. Across both phases, Hertz has demonstrated a talent for executing complex deals, pioneering innovative building typologies, and delivering projects with outsize influence on their markets.
The following account traces the most consequential projects and deals associated with Dov Hertz, from his landmark contributions at Extell to the urban-industrial ventures of DH Property Holdings.
Part I: DH Property Holdings and the Rise of Vertical Logistics
640 Columbia Street, Red Hook, Brooklyn
Perhaps the single most iconic project in Hertz’s second act is 640 Columbia Street. This multi-story logistics facility in Red Hook was designed as a proof-of-concept for dense, vertical last-mile distribution. Developed in partnership with Goldman Sachs Asset Management, it offered three levels of loading docks, modern clear heights, and proximity to Manhattan. The facility attracted Amazon as its tenant and, in 2022, sold to CBRE Investment Management for $330 million.
This sale validated the thesis that multi-level industrial assets could be institutionally liquid and command premium pricing on the East Coast. More importantly, it demonstrated to lenders, tenants, and competitors alike that vertical logistics had a future in constrained urban markets.
Sunset Industrial Park, Sunset Park, Brooklyn
Announced in 2019, Sunset Industrial Park is an 18-acre campus on the Brooklyn waterfront designed to showcase the scalability of vertical logistics. The concept envisions a four-story distribution complex totaling over 1.3 million square feet.
While its eventual delivery and absorption remain to be seen, its importance lies in signaling a new ambition for urban industrial: not just isolated multi-level buildings, but campus-scale vertical distribution. Even in a changing capital markets environment, the land has demonstrated liquidity, with portions sold or repurposed for major occupiers such as FedEx.
55 Bay Street, Red Hook, Brooklyn
Another pillar of Hertz’s Red Hook cluster is 55 Bay Street, a ground-up 83,000-square-foot facility developed on speculation. It was leased to Amazon Fresh and sold to Brookfield for $45 million in 2021.
Though smaller than 640 Columbia, its cycle of build, lease, and sell illustrates how Hertz applies a repeatable formula for urban infill projects: capture scarce land, develop to modern logistics standards, secure a credit tenant, and monetize to an institutional buyer.
Staten Island – 1900 South Avenue
In Staten Island, DH Property Holdings controls 53 acres at 1900 South Avenue. The site is remarkable for its tri-modal connectivity: rail, waterfront bulkhead, and interstate highway access. In 2023, the property was refinanced with an $88 million loan from Athene/Apollo, underscoring its strategic logistics value.
While less glamorous than vertical warehouses, this type of industrial outdoor storage is increasingly indispensable to last-mile operations, particularly for staging, fleet management, and bulk distribution.
Expansion into Philadelphia, Boston, and New Jersey
Beyond New York, DH Property Holdings has pursued a growing portfolio of infill and shallow-bay properties across other dense metro areas:
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200 Pattison Avenue, Philadelphia: A 96,000-square-foot property near South Philadelphia’s port and stadium district, acquired in 2022 for approximately $24 million.
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2101 Hornig Road, Philadelphia: A 109,585-square-foot building on 10 acres, acquired in 2021 and subsequently upgraded.
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54 Bodwell Street, Massachusetts, and 60 Page Road, New Jersey: Examples of sub-100,000-square-foot acquisitions serving smaller tenants but following the same infill logistics logic.
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509 Heron Drive, South Jersey: A 55,000-square-foot building added in 2025, noted for its yard space and IOS potential.
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10-Building New Jersey Portfolio: Acquired in 2024, adding scale and depth to DHPH’s regional presence.
Together, these deals show that Hertz’s strategy is not confined to New York City. Instead, it applies broadly to other urban markets where land is tight, consumer density is high, and demand for last-mile logistics continues to climb.
Part II: Extell Development and the Age of Assemblages
The Ring Portfolio
Before he founded DH Property Holdings, Hertz earned his reputation by helping Extell acquire and reposition the Ring brothers’ portfolio of Midtown South office buildings. The portfolio, long known for vacancy and legal disputes, represented one of the most complex assemblages in New York City.
Extell’s contracts, reported at $600 million or more, eventually translated into a series of re-sales, ground leases, and redevelopment opportunities. For Hertz, this was a proving ground: it required untangling ownership conflicts, negotiating multiple transactions, and steering one of the city’s most closely watched portfolio acquisitions.
One57
One57, a supertall tower on 57th Street overlooking Central Park, is perhaps the most famous of Extell’s developments during Hertz’s tenure. The tower became a symbol of Billionaires’ Row and set records for condominium sales.
Hertz is consistently credited with having sourced and supervised transactions like One57 while at Extell, cementing his association with projects that defined New York luxury real estate in the 2010s.
Central Park Tower (Nordstrom Tower)
Another Extell landmark during Hertz’s years was Central Park Tower, also known as the Nordstrom Tower. Rising taller than One57, it incorporated a full-line Nordstrom flagship at its base and luxury condominiums above.
The tower added to Hertz’s résumé of participating in some of the most consequential skyscraper deals in the city, projects that pushed engineering limits and redefined Midtown’s skyline.
One Manhattan Square
Located on the Lower East Side waterfront, One Manhattan Square was another massive residential tower that required careful assemblage and deal-making. While its reception in the market has been mixed, it remains one of Extell’s largest developments outside Midtown, and one of the tallest structures in Lower Manhattan south of the bridges.
As with the other towers, Hertz is listed as having been involved in sourcing and supervising this acquisition.
Comparative Analysis: Two Eras, One Skill Set
When viewed together, the projects of Dov Hertz’s Extell years and DH Property Holdings years reveal a consistent through-line: the ability to execute complicated deals that create new market precedents.
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At Extell, the challenge was assembling sites for supertall towers in Manhattan, often involving multiple owners, regulatory hurdles, and capital stack complexity.
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At DH Property Holdings, the challenge is fitting industrial distribution into the dense urban fabric of New York and other cities, often in multi-story formats that were once unthinkable.
In both cases, the results were projects that set benchmarks: One57 and Central Park Tower for superluxury residential, and 640 Columbia for vertical logistics.
The most consequential projects and deals of Dov Hertz can be grouped into two arcs. The Extell arc produced headline skyscrapers and complex assemblages that reshaped Manhattan’s skyline and global real estate market. The DH Property Holdings arc has created pioneering logistics facilities that are changing how goods move in and out of cities.
Together, these projects highlight a career defined by strategic vision and deal-making prowess. Whether the challenge is stacking condominiums above Central Park or stacking delivery trucks in Red Hook, Hertz’s work continues to leave a mark on the built environment.