Long Island City is slated to get a new self-storage facility. The New York Observer reported that Tuck-It-Away has closed on a vacant, seven-story property at 37-19 Crescent Street between 37th and 38th avenues, for $6.1 million, which will become the company’s first Queens outpost. Alan Shmaruk of the Manhattes Group, along with Michael Sherman, represented both the buyer and the seller.
“It was a deal where the needs of the buyer and seller aligned perfectly,” Shmaruk told the Observer. “Long Island City is developing at such a fast rate so there’s a need for storage facilities to support the additional residential product that’s coming into the neighborhood.”
The 47,000-square-foot building was previously owned by an entity named 19 Crescent Corp and was developed in 2008 to become a self-storage facility. However, due to the economy, the project fell through the cracks. In 2010, as previously reported, there were plans to turn the building into a condominium.
As previously reported, self-storage companies were said to be the best real estate investment of the past decade, according to Bloomberg News’ Riskless Return Ranking.
The company has 13 locations, spread throughout Manhattan, Brooklyn, the Bronx and New Jersey. [NYO] –Zachary Kussin