Prologis through the entity 450 Johnson Ave Brooklyn LLC paid Harper family’s Jbc Land LLC $13.3 million for 418 Johnson Avenue, 450 Johnson Avenue, 79 Ingraham Street in East Williamsburg. The deal closed on October 17, 2019, and was recorded on October 23, 2019. The transaction consists of 3 parcels, including the tax class light manufacturing building (F5). The property is 35,000 square feet and the parcels have total development potential of 70,000 square feet, according to the brokerage TerraCRG, which represented the buyer and seller.
The average sale price per square foot is $190.
The estimated cap rate is 2.4%
Correction: A prior version of this post had the wrong existing and buildable square feet. Both were corrected. In addition, the brokerage firm was included.