Prologis Drops $43M for Majority Stake in Queens Industrial Site

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Industrial powerhouse Prologis has nabbed another Queens property.

Prologis bought a 68 percent stake in 46-81 Metropolitan Avenue in Ridgewood, Queens, for $42.7 million from 255 Metro LLC, owned by James Juliano, Raymond Rudolph and Alan Dern, property records show. The sale was first reported by Crain’s New York Business.

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The lot at 46-81 Metropolitan consists of four single-story buildings, totaling 15,100 square feet, and is currently leased to charter bus rental agencies, according to PropertyShark

Queens Village-based 255 Metro bought the site in 2016 for $23 million, according to property records.

The industrial market has been red-hot during the pandemic, as more people flock to online shopping and Amazon leases warehouses all over the country. Prologis has been beefing up its New York City portfolio, too, recently.

It bought 48-00 Grand Avenue in Maspeth, Queens, for $51 million in November from Family Radio. In 2019, it picked up 1851 Flushing Avenue and the adjacent 24 Woodward Avenue in Ridgewood for $59.1 million, as well as 450 Johnson Avenue in East Williamsburg, Brooklyn, for $13.3 million.

A spokesperson for Prologis did not immediately provide a comment. Representatives for 255 Metro could not be reached for comment.