Blumenfeld buys self-storage facilities for $123M 

LSC Development sold both properties

Blumenfeld Buys Self-Storage Facilities for $123 Million
Blumenfeld Development's Brad Blumenfeld and LSC Development's Christopher Barry with 62-05 30th Avenue and QNS/34-09 College Point Boulevard (Blumenfeld Development Group, LSC Development, Google Maps, Getty)

Blumenfeld Development and LSC Development traded two separate self-storage facilities in Queens.

Long Island-based Blumenfeld bought the property at 34-09 College Point Boulevard in Flushing for $72 million, according to property records, or roughly $450 per square foot. The three-story, 159,000-square-foot self-storage site was home to Master Grill International before 2016, when the site was sold for $21 million. A year later, LSC filed plans for its facility, according to New York Yimby.

LSC also flipped a self-storage facility in Woodside months after opening it for business. Blumenfeld purchased the property at 62-05 30th Avenue in Queens for $51 million, or about $565 per square foot, according to records.

LSC purchased the site in the fall of 2017 for $9.4 million. The Illinois-based self-storage facility worked quickly to put its stamp on the property, filing plans to replace the Pure NYC nightclub with a 103,000-square-foot, two-story facility.

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A press release from February announced the opening of the Life Storage facility, which included slightly more than 90,000 square feet of net rentable space. Advantages of the facility touted in the release include its proximity to LaGuardia Airport and the Brooklyn Queens Expressway.

The facility includes just under 1,700 storage units, a drive-thru loading dock and a high-tech security system.

It’s unclear if Blumenfeld has any plans to redevelop the asset. Blumenfeld did not immediately respond to a request for comment, nor did LSC.

Self-storage became a prized property sector during the early days of the pandemic as people needed to create more room for those staying with them or returning home, but didn’t feel inclined to trash their items. Queens is a particular point of interest for self-storage owners and developers because of its proximity to highways, airports and Manhattan, and its supply of industrially zoned land.

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