Prologis Acquires Coney Island Development Site for $51M

A transformation is about to unfold in the heart of Coney Island, New York, as industry giant Prologis secures nearly 17 acres of prime, undeveloped land. With a price tag of $51 million, the property, previously owned by National Grid, promises to become a hub of industrial activity.

This hidden gem, located at 2731 W. 12th St. in Brooklyn, boasts the distinction of being one of the largest undeveloped sites within the bustling city landscape. While it may have been a dormant gas plant back in its heyday, the facility has stood vacant since the 1950s, biding its time for a fresh breath of life.

With Prologis at the helm of this ambitious project, the stage is set for unparalleled transformation in Coney Island. The future looks bright for this once-neglected treasure, destined to play a vital role in the city's industrial landscape.

A Game-Changing Plan for Prologis Revealed

Prologis, a leading industrial real estate company, has just unveiled its groundbreaking plan for a prime piece of land situated between the Belt Parkway and Coney Island Creek. This expansive property is set to undergo a remarkable transformation, as it will soon serve as a state-of-the-art parking lot catering to a wide range of vehicles, including delivery vans, small trucks, and passenger cars. But that's not all—Prologis is also committed to revamping the surrounding road infrastructure and implementing cutting-edge pedestrian safety features, ensuring a seamless and secure experience for all.

Positioned strategically, the site is conveniently located within reach of three major airports—John F. Kennedy International Airport, LaGuardia Airport, and Newark Liberty International Airport—making it an ideal transportation hub for businesses operating in the area. Moreover, its proximity to the Verrazano Bridge and Brooklyn-Queens Expressway grants unrivaled access to all five boroughs of New York City and the wider metropolitan region, revolutionizing distribution and transportation possibilities.

A Billion Dollar Deal for Industrial Assets

In a significant move last year, Prologis joined forces with Blackstone to acquire a remarkable 14 million square feet of industrial assets for a staggering $3.1 billion. Covering diverse markets such as New York, South Florida, Las Vegas, Phoenix, California, Atlanta, Baltimore, and Washington, D.C., this all-cash transaction encompassed over 70 properties. JLL Capital Markets played a pivotal role in facilitating the deal, with 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 collaborating seamlessly on behalf of the seller. This bold move underscored Prologis' determination to strengthen its position in the industrial real estate market and marked a significant milestone in the company's expansion strategy.

Prologis Expands its Presence in the New York-New Jersey and Tri-State Area

In a dynamic and bustling metropolis like New York City, prime real estate is scarce. However, Prologis, a prominent real estate investment company, is making waves with its extensive portfolio in the metropolitan area. With an impressive fleet of 240 buildings spanning a staggering 52 million square feet, Prologis is a force to be reckoned with in the industry.

True to its ambition of growth and development, Prologis recently secured a significant deal at its state-of-the-art warehouse facility in Secaucus, New Jersey. Boasting an impressive 525,224 square feet, this strategically located building stands a mere 13 miles away from the heart of the Big Apple. This proximity to New York City positions the facility as a prime destination for businesses in need of efficient logistics and quick access to the city's thriving markets.

As Prologis expands its reach beyond the Tri-State area, its influence remains unwavering. In a successful endeavor last month, the company inked two long-term lease renewals at their expansive 880,000-square-foot industrial park in the dynamic Miami metro. The acquisition of this remarkable asset took place in 2010 as part of a portfolio deal with TA Realty, solidifying Prologis' presence in Florida's bustling market.