The Holterbosch family, which once owned a German beer import and distribution business, has sold a warehouse in Long Island City, Queens. The sale took place a decade after the death of the family patriarch. The buyer of the property at 10-01 45th Road on the Long Island City waterfront is Ground Lease REIT, a Dallas-based company affiliated with the private equity real estate firm Montgomery Street Partners. The purchase price amounted to US$95 million, according to land registry documents published on Thursday.
Public records show the property had been owned by the Holterbosch clan since around 1968. This was despite the death of H. Dieter Holterbosch in 2016 at the age of 95. The original company, Hans Holterbosch Inc., was named in honour of its founder, who passed away in 1960. It remains unclear whether the company, once a major importer and distributor of Löwenbräu beer, is still active.
Transaction and Development Potential
Heidi, Dieter Holterbosch's daughter and apparently his sole survivor, signed the documents required for the transfer of ownership to Ground Lease REIT. No information is available regarding the mediation of the deal. The Holterbosch family, which uses an office address at 375 Park Avenue, was not available for comment, while Ground Lease REIT did not immediately respond to an enquiry.
The property, located on Vernon Boulevard, is just metres from the Eleventh Street Basin, an inlet of the East River. This location likely offered logistical advantages in the past and could also open up development opportunities for Ground Lease REIT, as the district continues to undergo significant change.
Past Real Estate Activities
In 2017, Heidi Holterbosch was already looking for a buyer for an 8-hectare site on Newtown Creek at 55-01 Second Street. This area had been rezoned for residential development as part of the city's preparations for the redevelopment of Hunters Point South. The site, listed at US$350 million at the time, was eventually cleared by TF Cornerstone in 2021 for the construction of residential developments.
