Prologis pays $120M to ExxonMobil for industrial in Greenpoint

Prologis through the entity 440 Kingsland Ave LLC paid $120 million to ExxonMobil through the entity ExxonMobil Oil Corporation for the industrial building (F8) at 400 Kingsland Avenue in Greenpoint, Brooklyn. The expected use is ground up development.
The deal closed on December 26, 2024 and was recorded on January 7, 2025. The property has 41,688 square feet of built space and 822,700 square feet of additional air rights for a total buildable of 866,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,878 and the price per buildable square foot is $138 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 ExxonMobil was Richelle L. Rosenbaum. The signatory for Prologis was Megan Robert. The contract date was December 26, 2024.
TerraCRG’s Dan Marks and Daniel Lebor were the sole exclusive brokers on the transaction, representing ExxonMobil.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Prologis purchased one property in one transaction for a total of $51 million and sold two properties in one transaction for a total of $14.8 million over the past 24 months.
The seller ExxonMobil had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Greenpoint has 41,688 square feet of built space and 822,700 square feet of additional air rights for a total buildable of 866,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 662 feet and is 599 feet deep with a total lot size of 433,000 square feet. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $10.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Greenpoint, The bulk, or 29 percent of the 23.8 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 26 percent of the space. In sales, Greenpoint has 2.6 times the average sales volume among other neighborhoods with $657.4 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Greenpoint has 1.5 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the nine commercial properties representing 97,836 square feet of the 224,177 square feet. The largest owner is Joseph Trovato, followed by Centerpoint Properties and then Sitex Group.
There are no active new building construction projects on this tax block.

All properties are industrial.

The buyer

The PincusCo database currently indicates that Prologis owned at least 17 commercial properties in New York City with 340,810 square feet and a city-determined market value of $45.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 340,810 square feet of built space are industrial properties, with E1 properties next occupying 38 percent of the space. The bulk, or 63 percent of the built space, is in Brooklyn, with Bronx next at 20 percent of the space.

Direct link to Acris document. link