West Harlem storage facility sells for $48M

88K sf warehouse at 38-42 Convent Avenue last changed hands for $13.3M in 2013

Apr.April 21, 2016 05:20 PM

An 88,000-square-foot West Harlem storage facility sold for $48 million — a surge in value since the property last changed hands three years ago for $13.3 million.

An unidentified firm tied with the entity NYC Self Storage Convent LLC purchased the two-story building at 38-42 Convent Avenue from LSC Development, according to property records filed with the city Thursday.

The seller, Illinois-based LSC Development, bought the property between West 129th and 130th streets for $13.3 million in December 2013, records show. The firm then converted the former vacant warehouse into a storage facility.

LSC builds and develops industrial parks, office complexes and self-storage facilities, according to its website. The firm filed a permit application with the Department of Buildings in July 2014 to construct a four-story, 58,100 square-foot storage facility at 149-167 Empire Boulevard in Crown Heights, New York YIMBY reported.

Extra Space Storage, which currently runs the self-storage facility at 40 Convent Avenue, and LSC were not immediately available for comment.

In February, CubeSmart, the nation’s fourth largest self-storage operator, bought a seven-story, 139,000-square-foot building at 809 Neptune Avenue in Coney Island, paying $48.5 million, The Real Deal reported.

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