Saratoga Springs firm pays $94M for Astoria self-storage site

Madison Development is the seller

TRD New York /
Dec.December 27, 2017 01:05 PM

31-07 20th Avenue, Adam Gordon (Credit: Google Maps and LinkedIn)

Saratoga Springs-based Prime Storage Group made its second big bet on the New York City self-storage market in two months, buying 31-07 20th Avenue in Astoria for $94 million.

Madison Development, which developed the 173,990-square-foot building, is the seller along with a Prudential Financial fund. Madison president Adam Gordon said no brokers were involved.

The development firm previously sold two other self-storage facilities to Prime Group. In October, 1098 Rockaway Avenue in Canarsie traded hands for $53 million. Gordon said Prime also bought 1735 Zerega Avenue in the Bronx, although that sale has yet to hit property records, adding that Prime paid $184 million for the three properties.

Prime did not respond to a request for comment.

“I’ve built enough storage, and we are now reframing our business to seek other adventures,” Gordon said.

A CBRE report from earlier this year found that because of residents’ lack of storage — 3.52 square feet per person, roughly half the national average — developers are increasingly targeting opportunities in self-storage facilities in New York City.


Related Articles

arrow_forward_ios
Andrew Florance, CEO of CoStar (Photo by Jeffrey MacMillan for the Washington Post)

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts
An institutional investor’s sale of a 7 percent stake in an exchange-traded real estate fund reveals deep concerns about the sector. (Credit: iStock)

Mystery investor dumps big stake in real estate fund

Mystery investor dumps big stake in real estate fund
Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
CEO Andrew Florance (Credit: CoStar via YouTube)

CoStar buying Ten-X for $190M

CoStar buying Ten-X for $190M
Small landlords, such as Jan Lee, a New York landlord who owns two buildings, say Wall Street players will take their place unless rent relief comes soon. (Credit: Twitter; background via BRYAN R. SMITH/AFP via Getty Images)

Small landlords call for rent relief package, fearing Wall Street takeover

Small landlords call for rent relief package, fearing Wall Street takeover
Cohen Brothers Realty president and CEO Charles Cohen and Cushman & Wakefield Chairman of Global Brokerage Bruce Mosler

Hear from billionaire Charles Cohen on today’s TRD Talk

Hear from billionaire Charles Cohen on today’s TRD Talk
Northwind's Ran Eliasaf

Northwind Group launches $220M debt fund focused on NYC

Northwind Group launches $220M debt fund focused on NYC
(Credit: iStock, Pixabay)

NY bill would let businesses take temperatures, refuse entry

NY bill would let businesses take temperatures, refuse entry
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...