Self-storage portfolio marks largest Brooklyn commercial deal this year

New York /
Nov.November 08, 2011 08:55 AM
alternate
text
From left: Storage facilities 481 Grand Avenue, 2047 Pitkin Avenue and 464 Stanley Avenue (building credits: PropertyShark)

The sale of five Storage Deluxe self-storage properties in Brooklyn marks the largest commercial real estate transaction in the borough this year, according to Brownstoner.

This past Friday, self-storage real estate investment trust CubeSmart purchased the facilities for $123.9 million as part of a larger, $357.31 million sale of a 16-property storage portfolio in New York, Connecticut and Pennsylvania. Holliday Fenoglio Fowler and Louis Perfetto of law firm Cohen & Perfetto represented Manhattan-based seller Storage Deluxe in the deal. Under the terms of the contract, CubeSmart will also pick up six more self-storage for about $202.7 million in a deal set to close in early 2012.

The Brooklyn Storage Deluxe facilities that were sold include 481 Grand Avenue in Clinton Hill for $17.5 million, 552 Van Buren Street in Bushwick for $22.3 million, 464 Stanley Avenue and 2047 Pitkin Avenue in East New York for $27.8 million and $15.4 million, respectively, and 2400 Cropsey Avenue in Gravesend for $40.6 million.

CubeSmart also picked up two Storage Deluxe facilities in Queens for $51.3 million, and at least one property in the Bronx for $6.3 million.

“We believe we have capitalized on a unique opportunity to monetize the value of the majority of our portfolio and this transaction will be a win-win for both CubeSmart and Storage Deluxe,” Storage Deluxe CEO Nick Coslov said in a statement. [Brownstoner]


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
The Savoy Hotel in London, UK in 1980 (Getty)
UK hospitality employers could cut half a million jobs
UK hospitality employers could cut half a million jobs
Rapper Iggy Azalea with her new Hidden Hills property (Getty, Sotheby's International Realty)
Iggy Azalea feuds with her new neighbor in Hidden Hills
Iggy Azalea feuds with her new neighbor in Hidden Hills
75 & 81 East Lake Dr. Unit 3 (Mary Lappin Marmorowski/Elliman)
A home on Lake Montauk for just $500K? Here’s why
A home on Lake Montauk for just $500K? Here’s why
Nick Mastroianni II sold the property back to the sellers at a small profit (Google Maps, Nicholas Mastroianni)
Seller’s remorse: Nick Mastroianni returns Jupiter mansion
Seller’s remorse: Nick Mastroianni returns Jupiter mansion
A rendering of the project at 1 Park Row in the Financial District.
L.A.-based lender puts FiDi project into construction with $120M loan
L.A.-based lender puts FiDi project into construction with $120M loan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...