The Real Deal New York

Storage firm, hot on Brooklyn, to open in former Crown Heights showroom

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]