Blackstone paid $130M to TA Realty for 21-property Queens warehouse portfolio

The private equity giant Blackstone purchased 21 Queens warehouse parcels from Boston-based real estate investment firm TA Realty for $130 million through four separate transactions. The properties are all in southeast Queens near John F. Kennedy International Airport.

The properties together have a development potential of 730,391 square feet, bringing the average price per developable square foot to approximately $178, according to an analysis by PincusCo Media. Nineteen of the properties were part of a package TA Realty purchased from Prologis in November 2012 for $58.5 million, which included one leased property. Two other properties, a former adult video store at 150-19 Guy Brewer Boulevard and an adjacent vacant parcel, were acquired by TA Realty from Ichak Weiss of Miami Beach, Florida, for $1.475 million on April 12, 2019, then rolled into the Blackstone sale. TA signed contracts to buy those two buildings 10 months earlier in June 2018, city records show.
The four transactions are described in more detail below.

First transaction: Blackstone through the entity PP Tango NY 3 LLC paid TA Realty’s The Realty Associates Fund X, L.P. $57.0 million for 11 parcels, including the tax class unlicensed parking lot (G7) at Guy R Brewer Blvd, 182-09 149th Road, 149-39 Guy R Brewer Blvd, 179-15 149th Road, 149-28 182nd Street, and others in Springfield Gardens. The deal closed on August 29, 2019 and was recorded on September 13, 2019. The parcel(s) have total development potential of 329,588 square feet.
The average sale price per square foot is $205.
The estimated cap rate is 3.5%
The last time the property sold was November 30, 2012, for $57,250,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

Second transaction: Blackstone through the entity PP Tango NY 5 LLC paid TA Realty’s The Realty Associates Fund X, L.P. $48.6 million for 5 parcels, including the tax class fireproof warehouse (E1) at 145-07 156th Street, 145-30 157th Street, 145-11 156th Street, 154-06 145th Drive, 156-15 146th Avenue in Springfield Gardens. The deal closed on August 29, 2019 and was recorded on September 13, 2019. The parcel(s) have total development potential of 184,875 square feet.
The average sale price per square foot is $270.
The estimated cap rate is 2.9%
The last time the property sold was November 30, 2012, for $57,250,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Third transaction: Blackstone through the entity PP Tango NY 2 LLC paid TA Realty’s The Realty Associates Fund X, L.P. $23.2 million for 4 parcels, including the tax class fireproof warehouse (E1) at 149-40 182nd Street, 179-02 150th Avenue, 179-11 150th Road, 150-19 Guy R Brewer Blvd in Springfield Gardens. The deal closed on August 29, 2019 and was recorded on September 13, 2019. The parcel(s) have total development potential of 103,462 square feet.
The average sale price per square foot is $231.
The estimated cap rate is 3.4%
The last time the property sold was November 30, 2012, for $57,250,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Fourth transaction: Blackstone through its PP Tango NY 1 LLC, as tenant, signed an assignment of lease with seller The Realty Associates Fund X, L.P. for 1 parcel, including the tax class unlicensed parking lot (G7) at 155-02 146th Avenue in Queens. The memorandum was signed on August 29, 2019 and was recorded on September 13, 2019.
The property has 112,466 square feet of available development rights.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,453,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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