Brooklyn storage facility sells for $53M

Madison Development sold Canarsie property to Prime Storage Group

1098 Rockaway Avenue (Credit: Google Maps)
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.

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“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.