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A limited liability company linked to J&R Acquisitions sold the industrial site at 46-81 Metropolitan Ave. in Maspeth to Prologis on June 2 for about $42.7 million, property records show.
The site at 1301 Metropolitan Ave. spans about 85,000 square feet and is currently home to a 15,000-square-foot building, according to TerraCRG.
The industrial real estate sector in New York held up fairly well during the pandemic, and firms leased roughly 870,000 square feet of industrial space during the first quarter of 2021, according to a report from CBRE. There were 22 investment sales worth more than $232 million in the sector during the first quarter as well, the report says.
SALES
CBRE announced the sale of a religious facility located at 108 Washington Place in Passaic, NJ. The former Presbyterian church was acquired by the Church of God Prophecy for $750,000.
Charles Berger and
Samuel Bernhaut and
Nicole Nannola of CBRE’s Retail Services, represented the seller, Trustees First Presbyterian Society of Passaic, and procured the buyer, another religious institution that will continue to cater to the neighborhood. Built in 1927 to serve the Jewish congregation B’nai Benjamin, 108 Washington Place is a 12,790 s/f, two-story house of worship that can accommodate up to 400 people in the main sanctuary and balcony. The lower level contains additional meeting rooms, offices and a full industrial kitchen. The property is near multiple bus lines and is two blocks away from Main Avenue, Passaic’s main commercial thoroughfare.