24 Woodward.
NEW YORK CITY – Prologis, a multinational and logistics real estate investment trust, has acquired 24 Woodward Ave., an industrial warehouse in the Queens submarket from Willowen Management Corp. for $21 million. The property is a two-story, 110,000-square-foot industrial warehouse and distribution facility with access to both LaGuardia and Kennedy airports and rail line connectivity. Newmark Knight Frank arranged the transaction.
"24 Woodward Avenue is a keystone in the evolving industrial district in this section of Ridgewood," said NKF's Vice Chairman of Investment Sales Brian Ezratty in a prepared statement. "The property will afford maximum efficiency for distribution and warehousing needs given its proximity to major transit systems and destinations throughout the greater-New York City area."
Located on the corner of Woodward and Flushing Avenues in the Ridgewood neighborhood of Queens, the submarket has seen tremendous growth as developers and investors move into the market and renovate existing properties for companies to use to facilitate distribution and logistics operations.
At one point the seller used the property for a paint distribution company and storage.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
