{"id":1004701081,"date":"2024-02-06T04:26:56","date_gmt":"2024-02-06T12:26:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004701081"},"modified":"2024-02-13T09:03:26","modified_gmt":"2024-02-13T17:03:26","slug":"prologis-acquires-51m-nyc-industrial-lot","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prologis-acquires-51m-nyc-industrial-lot\/","title":{"rendered":"Prologis Buys NYC Development Site"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a115b037e13c&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"834\" height=\"374\" data-attachment-id=\"1004701085\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/prologis-acquires-51m-nyc-industrial-lot\/2731w12th-expanded\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/2731W12th-expanded.jpg\" data-orig-size=\"834,374\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Linda O&#039;Flanagan&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1707122850&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"2731W12th-expanded\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/2731W12th-expanded.jpg?w=834\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/2731W12th-expanded.jpg\" alt=\"\" class=\"wp-image-1004701085\" style=\"width:390px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/2731W12th-expanded.jpg 834w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/2731W12th-expanded.jpg?resize=300,135 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/2731W12th-expanded.jpg?resize=768,344 768w\" sizes=\"auto, (max-width: 834px) 100vw, 834px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The land at 2731 W. 12 St. in Coney Island will be redeveloped. <em>Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n<p><strong>Prologis <\/strong>has acquired nearly 17 acres in Coney Island, N.Y., for $51 million. Sold by <strong>National Grid<\/strong>, the undeveloped land is set to be redeveloped for industrial use.<\/p>\n\n\n\n<p>Located at 2731 W. 12th St. on the southern tip of Brooklyn, the property is one of the largest undeveloped sites in New York City. Formerly a manufactured gas plant, the facility hasn\u2019t been in operation since the 1950s. <\/p>\n\n\n\n<p>Prologis intends to utilize the land\u2014which is zoned for industrial use\u2014as a parking lot for delivery vans, small trucks and passenger cars, Jennifer Nelson, senior vice president of global communications at Prologis, told <em>Commercial Property Executive<\/em>. The company is also planning to update the surrounding road network, while adding pedestrian safety features. <\/p>\n\n\n\n<p>The site is located between the Belt Parkway and Coney Island Creek. John F. Kennedy International Airport is approximately 14 miles away, LaGuardia Airport is 22 miles from the property and Newark Liberty International Airport is within 20 miles.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-western-markets-for-industrial-construction\/\">Top 5 Western Markets for Industrial Construction<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>The nearby Verrazano Bridge and Brooklyn-Queens Expressway offer distribution and transportation access to all five boroughs and the larger New York area.<\/p>\n\n\n\n<p><strong>JLL<\/strong> <strong>Capital Markets<\/strong>\u2019 Executive Managing Director Brendan Callahan, Senior Managing Director Gabrielle Harvey, Managing Directors Hall Oster and Ethan Stanton, Senior Vice President Jordan Yarboro and Associate Braedon Gait arranged the deal on behalf of the seller. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-prologis-s-national-activity\">Prologis\u2019s national activity<\/h2>\n\n\n\n<p>Last year, Prologis entered into an agreement with <strong>Blackstone<\/strong> to purchase 14 million square feet of industrial assets for<a href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-sells-3-1b-industrial-portfolio\/\"> $3.1 billion<\/a>. Located across markets including New York, South Florida, Las Vegas, Phoenix, California, Atlanta, Baltimore and Washington, D.C., more than 70 properties were included in the all-cash deal.<\/p>\n\n\n\n<p>In the New York-New Jersey and Tri-State area, the company has some 240 buildings totaling 52 million square feet. Last April, Prologis <a href=\"https:\/\/www.commercialsearch.com\/news\/prologis-signs-115-ksf-tenant-at-new-jersey-warehouse\/\">landed a new tenant<\/a> at its 525,224-square-foot building in Secaucus, N.J. The warehouse is 13 miles from New York City.<\/p>\n\n\n\n<p>Elsewhere in the nation, the company also remains highly active. Last month, Prologis signed two long-term lease renewals at its <a href=\"https:\/\/www.commercialsearch.com\/news\/prologis-inks-308-ksf-renewal-at-miami-industrial-campus\/\">880,000-square-foot industrial park<\/a> in the Miami metro. The company acquired the asset in 2010 in a portfolio deal with <strong>TA Realty<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This newly acquired parcel is one of the largest of its kind in the city.<\/p>\n","protected":false},"author":3006,"featured_media":1004701084,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,1600,21742,10],"tags":[32796,41021,32956],"class_list":["post-1004701081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-new-york","category-latest","category-northeast","tag-jll","tag-national-grid","tag-prologis"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Prologis Buys NYC Development Site - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Located on the southern tip of Brooklyn in Coney Island, the property is one of the largest undeveloped sites in New York City.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/prologis-acquires-51m-nyc-industrial-lot\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prologis Buys NYC Development Site\" \/>\n<meta property=\"og:description\" content=\"Located on the southern tip of Brooklyn in Coney Island, the property is one of the largest undeveloped sites in New York City.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/prologis-acquires-51m-nyc-industrial-lot\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-06T12:26:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-13T17:03:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/2731W12th.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jordana Rothberg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/prologis-acquires-51m-nyc-industrial-lot\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/prologis-acquires-51m-nyc-industrial-lot\/\",\"name\":\"Prologis Buys NYC Development Site - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/prologis-acquires-51m-nyc-industrial-lot\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/prologis-acquires-51m-nyc-industrial-lot\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/2731W12th.jpg\",\"datePublished\":\"2024-02-06T12:26:56+00:00\",\"dateModified\":\"2024-02-13T17:03:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/366883c93fc1efde412301ab6a4570f9\"},\"description\":\"Located on the southern tip of Brooklyn in Coney Island, the property is one of the largest undeveloped sites in New York City.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/prologis-acquires-51m-nyc-industrial-lot\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/prologis-acquires-51m-nyc-industrial-lot\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/prologis-acquires-51m-nyc-industrial-lot\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/2731W12th.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/2731W12th.jpg\",\"width\":800,\"height\":620,\"caption\":\"The land at 2731 West 12 St. in Coney Island will be redeveloped. 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