BROOKLYN, N.Y. – National Grid filed with the New York State Department of Public Service for approval for the sale of approximately 16.8 acres of surplus property in Coney Island, Brooklyn, following a significant open public process to identify a potential buyer.

National Grid customers benefit from the sale of surplus property that can serve a new productive function in the community.  The purchase price for the property is expected to be more than $51 million. Net proceeds can be used to offset required remedial action taken at the site and customers can also benefit from the company no longer having to incur repair and maintenance costs and real estate tax expenses associated with the property.

The company utilized a competitive bidding process conducted by Jones, Lang, LaSalle in 2020.  Prologis, LP, a global leader in modern logistics facilities, was among the qualified bidders for the property and they have experience owning and developing remediated sites. 

National Grid does not use the property for operational purposes.  The property is 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.  Since that work was completed, there have been ongoing discussions with key local leaders and community representatives on the re-use of the property.

Today’s filing with DPS is pursuant to Section 70 of the New York Public Service Law; National Grid filed a request for authorization from DPS to finalize the sale and transfer the property.  The Company proposes the proceeds of the sale to be used towards the company’s environmental recoveries account for environmental remediation for the benefit our customers.

About National Grid

National Grid (NYSE: NGG) is an electricity, natural gas, and clean energy delivery company serving more than 20 million people through our networks in New York and Massachusetts. National Grid is focused on building a smarter, stronger, cleaner energy future — transforming our networks with more reliable and resilient energy solutions to meet state climate goals and reduce greenhouse gas emissions.