The Real Deal New York

W.P. Carey affiliate pays $70M for stake in six NYC self-storage facilities

Fisher Brothers’ City Investment Fund is the main seller
By Konrad Putzier | April 28, 2016 02:35PM

(inset: Mark DeCesaris)

15-40 Covert Street (inset: Mark DeCesaris)

UPDATED, April 29, 7:35 a.m.: A non-traded REIT managed by W.P. Carey paid $69.9 million for a stake in six self-storage buildings in Queens, Brooklyn and the Bronx in three separate deals, according to property records filed with the city Thursday.

W.P. Carey’s Corporate Property Associates 17  bought a 45-percent stake in 1205 Flatlands Avenue in Brooklyn, 1725 West Farms Road and 1037 Zerega Avenue in the Bronx and 1545 Schaeffer Street in Queens from Fisher Brothers’ City Investment Fund for $43.7 million. It bought an additional 15 percent stake in the same properties from TVG Partners for $20.9 million. And in a third transaction, it paid $3.55 million for the City Investment Fund’s 45 percent stake in the Bronx self-storage building 4268 Third Avenue.

Storage company Secure Self Storage runs all six locations. Fisher Brothers declined to comment.

W.P. Carey previously owned just two New York City properties, according to its website: 21 floors of the New York Times Building at 620 Eighth Avenue and The Storage Building 780 East 138th Street in the Bronx.

Correction: the article has been amended to point out that a non-traded REIT managed by W.P. Carey, not the public company itself, bought the properties. An earlier version of this post also included an incorrect year for W.P. Carey’s IPO.