Work is underway at the former Packard Automobile Showroom at 1050 Atlantic Avenue in Crown Heights to convert the space into a storage facility, according to Brownstoner. Storage Deluxe purchased the 50,000-square-foot property in April for $5.3 million.
In 2011 alone, Brownstoner said, the company spent over $120 million on properties in Brooklyn. There is no mention of an opening date for the storage center.
As The Real Deal previously reported, a storage company named CubeSmart purchased a Storage Deluxe location in the Bronx in May for $59 million. That was the largest property sale in the Bronx since the Lehman collapse. In fact, previous reports indicate that self-storage companies were found to be the best real estate investment over the past 10 years. [Brownstoner]