Morgan Stanley Prime Property Fund pays $17.6M to GEO Group for industrial near JFK

Morgan Stanley Prime Property Fund through the entity PPF Industrial 18222 150th Avenue, LLC paid $17.6 million to GEO Group through the entity Cpt Operating Partnership, L.P. for industrial (Y3) at 182-02 150th Avenue in Springfield Gardens, Queens, industrial (E1) at 182-11 150th Road in Springfield Gardens, Queens, and industrial (G7) at N/A 182nd Street in Springfield Gardens, Queens. All are just north of John F. Kennedy International Airport.
The deal closed on August 18, 2021 and was recorded on August 27, 2021.
The three properties have 89,616 square feet of built space and 5,222 square feet of additional air rights for a total buildable of 94,800 square feet according to PincusCo analysis of city data. The sale price per built square foot is $195 and the price per buildable square foot is $185 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for GEO Group was Bruce P. Brown.
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.
Prime Property Fund is managed by Morgan Stanley Real Estate.

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