Updated Dec 4, 2024
Prologis Acquires Industrial Dev. Site In Long Island City For $35M
38-21 12th Street, Long Island City, NY 11101, USA
$35,000,000
$99/SF
Building Size
351,000 SF
Asset Type
Development Site
Closing
Nov 3, 2021
About this deal
AI
The industrial development site located at 38-21 12th St. in Long Island City has been sold for a total price of $35,000,000. The property is zoned as M1-3, making it suitable for industrial use. It spans a total square footage (BSF) of 351,000, providing ample space for development. The price per square footage (PPBSF) is approximately $99. The transaction was completed on November 3, 2021, between the buyer, Prologis, and the seller, TF Cornerstone. The deal was facilitated by brokers Isaac Setton and Bunny Escava from KSR.
Summary of transaction details
- Property Type: Industrial Dev. Site
- Transaction Amount: $35,000,000
- Address: 38-21 12th St.
- Market: Long Island City
- Zoning: M1-3
- BSF: 351,000
- PPBSF: $99
Isaac Setton and Bunny Escava from KSR were the brokers who represented the buyer and seller in this transaction. It is worth noting that the previous sale of the property took place in January 2018, with a sale price of $25,500,000.
Players
New York Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93