One of NYC’s largest undeveloped parcels sells for $51M

Industrial giant Prologis has scooped up a 16-acre undeveloped parcel in Brooklyn.  

The San Francisco-based real estate investment trust bought the lot at 2731 West 12th Street from National Grid for $51 million, according to property records. Prologis plans to use the land for a parking lot for delivery vans, small trucks and cars, spokesperson Alana Victor said.

“As part of the improvement to the property we will be looking to update the surrounding road network and adding pedestrian safety features,” she said.

National Grid put the parcel up for sale in 2020. The property, which is zoned for manufacturing, has nearly 1.5 million square feet of building potential, according to JLL’s marketing materials. It sits along the Belt Parkway with easy access to the Brooklyn Queens Expressway and Verrazzano Bridge.

The parcel sits in an Opportunity Zone, a program which encourages investment in low-income areas by providing tax incentives, although the Prologis parking lot does not figure to do much for Coney Island’s economy. The site also qualifies for a tax abatement under the Industrial and Commercial Abatement Program.

Prologis is the world’s largest industrial property company with 1.2 billion square feet in 19 countries. Recently the company acquired Indianapolis-based Duke Realty in 2022 for $26 billion.

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