Along the northern perimeter fence of John F. Kennedy International Airport, modern two-story logistics warehouses delivered after 2020 are as scarce as runway slots. Prologis, acting through its 1031 exchange vehicle Prologis-Exchange NY 2000 LLC, paid $49 million all-cash on September 11, 2026 to acquire the 118,906-square-foot Class A warehouse at 153-44 South Conduit Avenue from Wildflower's WF Industrial VI LLC—setting a $412-per-square-foot benchmark. When the deed closed on September 11, 2026, Prologis (via Prologis-Exchange NY 2000 LLC) had officially taken down 153-44 South Conduit Avenue from Wildflower Ltd. (via WF Industrial VI LLC) for $49 million, with Eastdil Secured / JLL Industrial brokering the trade.

At $412 a square foot across 118,906 square feet, the trade establishes a clean clearing mark for Springfield Gardens / JFK Corridor class a jfk air-cargo & last-mile logistics facility assets. Even better for the buyers, the in-place rent roll hands them a verified 5.50 percent going-in cap rate from day one.

Why Prologis Wrote a $49 Million Unencumbered Check Outside JFK

Just as telling as the purchase price is what did not hit the city register alongside the deed: a senior mortgage. Prologis (via Prologis-Exchange NY 2000 LLC) closed 153-44 South Conduit Avenue with $49 million of unencumbered equity—or an unsecured corporate line—allowing the buyers to move with immediate execution certainty.

When financing contingencies can stall a New York closing for sixty days, showing up with $49 million in cash at $412 a square foot is the sharpest weapon a buyer can bring to the negotiating table—leaving the sponsorship free to recapitalize in the senior debt market once initial leasing and business-plan milestones are locked in.

From Our Desk

When we look at 153-44 South Conduit Avenue on our placement desk at Light Tower Group, the lesson for New York sponsors comes down to the marriage of entry basis and capital structure. Prologis (via Prologis-Exchange NY 2000 LLC) didn't try to fight the tape—they bought Springfield Gardens / JFK Corridor footage at $412 a square foot and structured the stack to match the asset's timeline. When the world's largest industrial REIT uses 1031 exchange equity to take down 2022-vintage JFK logistics product at $412 a foot with zero property-level debt, it proves that infill Queens air-cargo real estate remains one of the highest-conviction holds in institutional real estate.