The Real Deal New York

Fruchthandler, Schron sell Red Hook warehouse for $100M

Prime Storage picked up the Brooklyn waterfront site
By Eddie Small | March 08, 2019 05:56PM

62 Imlay Street (Credit: Wikipedia)

A partnership between the Fruchthandler and Schron families has parted with a 223,000-square-foot warehouse on the Brooklyn waterfront.

Prime Storage picked up the property at 62 Imlay Street for $100 million, according to property records.

The warehouse is used as storage space for Christie’s, which signed a lease for the site in 2009. It was unclear if the auctioneer planned to stay at the site under the new ownership.

Daniel Rahmani of Capital Property Partners represented both sides on the deal.

Prime Storage and Christie’s did not immediately respond to requests for comment. The Fruchthandler and Schron families could not immediately be reached.

The outer boroughs have recently seen several deals for self-storage developments and conversions, given the strong demand for the asset class. Cayre Equities has purchased a 92,000-square-foot building at 1260 Atlantic Avenue in Crown Heights that it plans to convert into a Treasure Island Storage facility, for instance, and the fine art storage company Uovo is converting a warehouse in Bushwick at 105 Evergreen Avenue into a storage facility as well.