Prologis pays $27.5M to Babureddy Mareddy for development in East Williamsburg

Prologis through the entity Pe 280 Johnson Avenue, LLC, A Delaware Ltd Liab Co paid $27.5 million to Babureddy Mareddy through the entity Greenpoint Project, LLC, A NY LLC for the warehouse (E9) for redevelopment at 280 Johnson Avenue in East Williamsburg, Brooklyn.
The deal closed on December 7, 2021 and was recorded on December 22, 2021.
The property has 31,450 square feet of built space and 73,498 square feet of additional air rights for a total buildable of 104,998 square feet according to PincusCo analysis of city data. The sale price per built square foot is $874 and the price per buildable square foot is $261 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 seller bought the property on April 7, 2010, for $6.2 million.
The signatory for Babureddy Mareddy was Babureddy Mareddy. The signatory for Prologis was Jason E. Bost.
One of the projects were to change the building from a COM to a D-1 and were permitted on June 4, 2007.
Mareddy is owner of Hindustan Granites Inc. Bost is a vice president at Prologis.

Within a 400-foot radius of 280 Johnson Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Seagis Property Group bought the 15,290-square-foot, one-unit industrial (E1) on 250 Johnson Avenue for $6.4 million from Dominic Fontana on July 8, 2021.
One of those two items was a loan which Moses Zupnick borrowed $14.2 million from Signature Bank secured by the 79,400-square-foot, 108-unit rental (D7) on 255 Mc Kibbin Street on November 26, 2019.

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