Down at the southern tip of Red Hook, where Van Brunt Street meets Beard Street across from the Erie Basin waterfront, modern brick-and-beam commercial buildings rarely hit the open market. On September 16, 2026, 411 Van Brunt Realty LLC paid $21.5 million ($1,210 per square foot) to acquire the five-story, 2018-built property at 130 Beard Street from 411 Van Brunt LLC, marking an 85.2 percent gain over the $11.61 million price recorded in November 2008. When the deed closed on September 16, 2026, 411 Van Brunt Realty LLC had officially taken down 130 Beard Street from 411 Van Brunt LLC for $21.5 million, with Brooklyn Waterfront Advisory brokering the trade.

Look past the sticker price and the trade tells a clear story about replacement cost in Brooklyn. At $1,210 a square foot across 17,771 square feet, the closing price marks a 85.2 percent step-up over the $11.61 million basis recorded in November 2008. In today's five-borough construction market, buying modern or well-maintained brick at $1,210 a square foot still beats the time and cost of digging a foundation from scratch.

Israel Discount Bank Finances a Low-Leverage Red Hook Recapitalization

The real tell in any Brooklyn closing sits on the debt side of the ledger. To fund the purchase, 411 Van Brunt Realty LLC locked in a $2.3 million supplemental acquisition mortgage from Israel Discount Bank of New York at 10.7 percent loan-to-value.

That loan commitment meant the buyers only needed to write a $19.2 million equity check to control a 5-story, 2018-vintage Red Hook asset. Credit committees aren't stretching to 75 percent leverage anymore, but when a sponsor brings $19.2 million of real cash equity and a basis of $1,210 a square foot, lenders like Israel Discount Bank of New York are wide open for business.

From Our Desk

When we look at 130 Beard Street on our placement desk at Light Tower Group, the lesson for New York sponsors comes down to the marriage of entry basis and capital structure. 411 Van Brunt Realty LLC didn't try to fight the tape—they bought Red Hook footage at $1,210 a square foot and structured the stack to match the asset's timeline. With Israel Discount Bank recording a $2.3 million new-money mortgage alongside $19.2 million in implied equity, this Red Hook waterfront trade reflects the patient, balance-sheet-heavy capital that dominates Southwest Brooklyn's M1-2 creative and hospitality corridor.