JLL Capital Markets closes on sale of one of New York City’s largest undeveloped parcels of land
News release
05 February 2024
Prologis acquires 17-acre Coney Island site for industrial repositioning
Your browser doesn't support speech synthesis.
Listen to article •
Read time: 1 sec
NEW YORK, Feb. 5, 2024 – JLL Capital Markets announced today it has closed on the sale of 2731 West 12th St., a nearly 17-acre parcel of undeveloped land located in Coney Island on the southern tip of Brooklyn.
JLL represented the seller, National Grid. The buyer was Prologis, the global leader in logistics real estate, which plans to re-develop the site.
One of the largest undeveloped parcels of land in New York City, 2731 West 12th St. was once the site of a former manufactured gas plant that ceased operation in the 1950s. An environmental cleanup according to New York State Department of Environmental Conservation standards and regulation was completed in 2008. National Grid does not use the property for operational purposes.
Situated between Coney Island Creek and the Belt Parkway, 2731 West 12th St. provides easy access to the Verrazano Bridge and Brooklyn-Queens Expressway, allowing for quick connectivity to all five boroughs. The central Coney Island location also lies within 22 miles of all three major New York City airports and 19 million consumers in the NY metro area.
“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 Oster.
The JLL Capital Markets team that arranged the transaction included Executive Managing Director Brendan Callahan, Senior Managing Director Gabrielle Harvey, Managing Directors Hall Oster and Ethan Stanton, Senior Vice President Jordan Yarboro and Associate Braedon Gait. Prologis was represented in-house.
For more news, videos and research resources on JLL, visit our newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.