Prologis, an international leader in logistics real estate, has purchased an industrial plot of land located at 2731 West 12th Street in Coney Island, Brooklyn. The site, which spans just less than 17 acres, was sold by National Grid and is currently undeveloped. Prologis plans to re-develop the site.
The land at 2731 West 12th Street previously hosted a manufactured gas plant that ceased operations in the 1950s. Following an environmental cleanup completed in 2008, under the New York State Department of Environmental Conservation standards and regulations, National Grid ensured that the property was no longer used for operational purposes. The land has been vacant since.
Positioned between Coney Island Creek and the Belt Parkway, the parcel offers access to multiple major transportation routes, including the Verrazano Bridge and Brooklyn-Queens Expressway. This prime location facilitates swift connectivity to all five New York City boroughs.
The acquisition by Prologis is an uncommon opportunity to re-develop a large parcel of empty land within the confines of New York City. The transaction was managed by a team at JLL Capital Markets.
“It’s rare to have the opportunity to re-position such a large parcel of raw land inside of New York City, particularly in a location that is nearly equidistant to all major airports, Manhattan, Queens, Long Island, and New Jersey,” said Hall Oster, managing director at JLL Capital Markets.
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“…the parcel offers access to multiple major transportation routes, including the Verrazano Bridge and Brooklyn-Queens Expressway. This prime location facilitates swift connectivity to all five New York City boroughs.”
The only highway near this location is the Belt Parkway, which doesn’t allow commercial traffic. This is actually a very isolated location for a distribution facility, unless I’m missing something.
I thought this land was converted to/classified as marsh/wet lands and wasn’t allowed to be developed to maintain the current eco-system? Seems like a big mistake to do anything with it, especially after the remediation.
Agree with the comments. Something doesn’t seem quite right here. This seems about the last place you’d stick semi-truck centered logistics facility. And that’s before you get into the fact its wetlands. Coney Island Yard just went through a mega-millions flood resiliency project. This facility would be even more vulnerable than that to storm surge.
Per CO article –
“The property comes with 1.5 million buildable square feet, but Prologis will use the land as parking for delivery vans, small trucks and passenger cars. They plan to add crossing signals for pedestrians and other traffic safety improvements, according to a spokesperson for the company.”
I agree. This should be bought as a park.