Prologis, Inc. buys East Williamsburg warehouse properties from candy family for $21M

San Francisco-based logistics REIT Prologis paid $20.8 million in two transactions to the Radutsky family’s Joyva Realty for adjacent parcels in East Williamsburg.

The seller, an affiliate of the helvah manufacturing firm Joyva Corporation, has been making the sweet candy since 1907 when Nathan Radutzky brought a recipe from Kiev, Ukraine.

The parties signed the contract on September 12, 2019 and the deal closed the following day. The property has not been sold since at least the 1960s, according to city records. A team from TerraCRG brokered the sale. Joyva still owns 53 Varick Street, which faces 512 Johnson, a review of city records shows. Prologis did not record any debt at the time of the purchase.

In the first transaction, Prologis, Inc. through the entity 498-512 Johnson Ave Brooklyn LLC paid Radutzky family’s Joyva Realty LLC $14.0 million for 1 parcel, including the tax class semi-fireproof manufacturing building (F4) at 512 Johnson Avenue in East Williamsburg. The deal closed on September 13, 2019 and was recorded on September 16, 2019. The parcel(s) have total development potential of 92,340 square feet.
The average sale price per square foot is $241.
The estimated cap rate is 1.5%

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

In the second transaction, Prologis, Inc. through the entity 498-512 Johnson Ave Brooklyn LLC paid Radutzky family’s Joyva Realty LLC $6.8 million for 1 parcel, including the tax class miscellaneous open space (Z9) at 498 Johnson Avenue in Brooklyn. The deal closed on September 13, 2019 and was recorded on September 16, 2019. The parcel(s) have total development potential of 104,000 square feet.
The average sale price per square foot is $130.
The estimated cap rate is 1.4%

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