Prologis pays $42.7M for 69% stake in Maspeth warehouse

Prologis through the entity 46-81 Metro Ave 1 LLC paid $42.7 million to James Juliano, Raymond Rudolph, Alan Dern and others through the entity 255 Metro, LLC (and others) for a 68.93-percent stake in a warehouse (E1) at 46-81 Metropolitan Avenue in Maspeth, Queens.
The deal closed on June 2, 2021 and was recorded on June 11, 2021.
The property has 15,100 square feet of built space and 375,740 square feet of additional air rights for a total buildable of 391,396 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,830 and the price per buildable square foot is $109 per the PincusCo analysis.

The signatories for the sellers were James Juliano, Raymond Rudolph, Alan Dern. The signatory for Prologis was Jason E. Bost.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
In this deal, Prologis acquired a 68.93 percent interest in the property and is a tenant-in-common owner with two other entities, but those entities have signed a contract to sell their stakes with an anticipated closing date on or before February 11, 2022. The contract date was February 11, 2021. At the same time, a Prologis entity as tenant signed a ground lease with those two remaining owners that lasts for one year but has an option to extend another 44 years and 11 months.
Within a 400-foot radius of 46-81 Metropolitan Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan in which David Steinberg borrowed $6 million from Signature Bank secured by the 32,400-square-foot, one-unit industrial (E1) on 46-55 Metropolitan Avenue on March 9, 2020.

Correction: The percent sold was corrected in the headline from 67% to 69%. The figure in the story was correct and so not changed.

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