Prologis pays $7.6M to Alan Dern for industrial building in Greenpoint

Prologis through the entity Kingsland 460 Enterprise LLC paid $7.6 million to Alan Dern through the entity The Water Building, LLC for the industrial building at 448 Kingsland Avenue in Greenpoint, Brooklyn.
The deal closed on December 29, 2021 and was recorded on January 21, 2022.
The property has 31,684 square feet of built space and 279,057 square feet of additional air rights for a total buildable of 310,064 square feet according to PincusCo analysis of city data. The sale price per built square foot is $239 and the price per buildable square foot is $24 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 November 22, 2013, for $4.6 million.
The signatory for Alan Dern was Alan Dern. The signatory for Prologis was Megan Robert.
Prior to this transaction, the buyer Prologis purchased 10 properties in nine transactions for a total of $276.4 million and had not sold any properties over the past 24 months.
The seller Alan Dern had not purchased any other properties and sold one property in one transaction for a total of $15.1 million over the same time period.
The 31,684-square-foot property generated revenue of $1 million or $33 per square foot, according to the most recent income and expense figures.

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.
Megan Robert is the senior vice president of Prologis. The Real Deal previously reported that Prologis bought the majority stake of this property.
In Greenpoint, the bulk, or 23 percent of the 29.6 million square feet of built space are residential walkup buildings, with industrial buildings next occupying 21 percent of the space. In sales, Greenpoint has 1.6 times the average sales volume among other neighborhoods with $450.6 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Greenpoint has 3.7 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 3.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.
On the tax block, all properties are industrial.
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