Self-storage company opens first Queens location in LIC property

TRD New York /
Jan.January 16, 2013 11:30 AM

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


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

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

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

200-bank-ozk

Trouble in the land of OZK: Why NYC’s most important construction lender may be on shaky ground

Book Culture at 450 Columbus Avenue (Credit: Google Maps)

Upper West Side bookstore closes amid accusations of fraud

Army Corps of Engineers Commander Lt. Gen. Todd Semonite and flooding caused by Hurricane Sandy in 2012 (inset) (Credit: Getty Images)

A $119B seawall still might not protect Manhattan, critics say

The total market value of all properties in New York City was at about $1.4 trillion (Credit: iStock)

Market value of NYC real estate went up at slowest rate in years

Epstein's Mansion at 9 East 71st Street and the Frick Museum at 1 East 70th Street with Jeffrey Epstein (Credit: Getty Images, Google Maps, Wikipedia)

Preservationists want the Frick to buy Epstein’s old mansion

arrow_forward_ios
Loading...