Morgan Stanley Prime Property Fund’s Safeguard Storage pays $15M to Samuel Pure for property in Queens

Morgan Stanley Prime Property Fund’s Safeguard Storage, based in Atlanta through the entity Ppf Ss 131-07 14th Avenue, LLC paid Samuel Pure’s Palard Realty Corp. $15.0 million for 131-21 14th Avenue in Queens. The deal closed on October 1, 2019, and was recorded on October 4, 2019. The transaction consists of 1 parcel, including the tax class miscellaneous warehouse (E9). The property is 90,980 square feet. The parcel(s) have total development potential of 90,980 square feet.
The average sale price per square foot is $205.
The estimated cap rate is 2.7%
Palard Realty is located at Samuel Pure’s other business, American Fixture & Display Corporation at a nearby location.

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

Share this article