search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealTony Park and Elad Dror take a gamble on Koreatown office-to-resi conversionTony Park and Elad Dror take a gamble on Koreatown office-to-resi conversionGVA sells Georgetown apartments for $25M in “forced sale” GVA sells Georgetown apartments for $25M in “forced sale” 
New York

West Harlem storage facility sells for $48M

88K sf warehouse at 38-42 Convent Avenue last changed hands for $13.3M in 2013

38-42 Convent Avenue in West Harlem (Credit: Extra Space Storage)
38-42 Convent Avenue in West Harlem (Credit: Extra Space Storage)

An 88,000-square-foot West Harlem storage facility sold for $48 million — a surge in value since the property last changed hands three years ago for $13.3 million.

An unidentified firm tied with the entity NYC Self Storage Convent LLC purchased the two-story building at 38-42 Convent Avenue from LSC Development, according to property records filed with the city Thursday.

The seller, Illinois-based LSC Development, bought the property between West 129th and 130th streets for $13.3 million in December 2013, records show. The firm then converted the former vacant warehouse into a storage facility.

Sign Up for the undefined Newsletter

LSC builds and develops industrial parks, office complexes and self-storage facilities, according to its website. The firm filed a permit application with the Department of Buildings in July 2014 to construct a four-story, 58,100 square-foot storage facility at 149-167 Empire Boulevard in Crown Heights, New York YIMBY reported.

Extra Space Storage, which currently runs the self-storage facility at 40 Convent Avenue, and LSC were not immediately available for comment.

In February, CubeSmart, the nation’s fourth largest self-storage operator, bought a seven-story, 139,000-square-foot building at 809 Neptune Avenue in Coney Island, paying $48.5 million, The Real Deal reported.