Terreno Realty Corporation through the entity Terreno Morgan Ave, LLC paid Fred J. Carillo’s Cama Management LLC $26.0 million for 154 Morgan Avenue in Brooklyn. The deal closed on August 29, 2019, and was recorded on September 18, 2019. The transaction consists of 1 parcel, including the tax class fireproof warehouse (E1). The property is 363,598 square feet. The parcel(s) have total development potential of 363,598 square feet.
The average sale price per square foot is $116.
The estimated cap rate is 2.5%
Carillo sold another property to Terreno recently, a warehouse at 134 Morgan Avenue, which faces 154 Morgan Avenue across Meserole Street. Both properties abut Newtown Creek.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $158,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link