The Real Deal New York

Brooklyn storage facility sells for $53M

Madison Development sold Canarsie property to Prime Storage Group
By Eddie Small | October 27, 2017 04:00PM

1098 Rockaway Avenue (Credit: Google Maps)

UPDATED, 11:18 a.m., Oct. 30: Madison Development has sold a self-storage facility in Canarsie to the Prime Storage Group for $53 million, roughly $45 million higher than what the company initially paid.

The site is located at 1098 Rockaway Avenue and spans 82,862 square feet. Madison purchased it as a vacant site in 2014 for $7 million and filed plans to build a 79,338-square-foot storage facility.

Adam Gordon, managing partner of Madison Development, said they had not been looking to sell the site, but the offer was too good to pass up.

“If you develop good assets, people want to buy them, and that’s what happened to us,” he said. “We were very happy holding, but we got a good offer, so we took it.”

Canarsie’s massive Starrett City complex went into contract in September to Brooksville Company and Rockpoint Group for $850 million. The city’s $160 million purchase of a 258,400-square-foot storage facility in Williamsburg was Brooklyn’s largest deal of the second quarter.