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

Madison Development is the seller

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
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
Charter school takes 85K sf in Queens condo building
Charter school takes 85K sf in Queens condo building
(IStock illustration by Kevin Rebong)
Smaller cities look to cash in on shift to remote work
Smaller cities look to cash in on shift to remote work
421-427 East 14th Street (Google Maps, iStock)
Stuy Town to get new 17K sf grocery store
Stuy Town to get new 17K sf grocery store
Photo illustration of Mayor Bill de Blasio as Uncle Sam (iStock, Getty/Illustration by Kevin Rebong)
NYC has $1.3B in unpaid property taxes
NYC has $1.3B in unpaid property taxes
Photo illustration of RXR Realty CEO Scott Rechler (Getty, iStock)
Office landlords offer no-wait Covid tests to lure workers back
Office landlords offer no-wait Covid tests to lure workers back
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Manhattan job losses in Q3 worst of any large county in the US
Manhattan job losses in Q3 worst of any large county in the US
Rudin Management's Bill Rudin, 1675 Broadway and Gannett CEO Mike Reed (Getty, Google Maps, Gannett)
Gannett to move its NYC office two blocks north
Gannett to move its NYC office two blocks north
arrow_forward_ios

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

Loading...