The Class A subject property in Brooklyn, New York will consist of 1,126 fully climate-controlled units and 265 lockers for a total of 1,391 units and 92,013 rentable square feet across 0.7 acres of land. The facility will be comprised of five stories and will be delivered upon Certificate of Occupancy. The subject will offer three below-ground levels and two above-ground levels. Brooklyn Storage is impeccably situated in the most populous and fastest-growing borough of New York City with a one-mile existing storage supply of 0.04 per capita; there is only 6,000 net rentable square feet of self storage within a mile of the property. The low supply is indicative of the high demand for storage in the most voluminous metro area in the United States.
Located at 1453 62nd Street, Brooklyn Storage is surrounded by residential zoning and several densely-populated neighborhoods. The facility will benefit from direct frontage along 62nd Street and is ideally situated 0.5 blocks from New Utrecht Avenue, which serves as a prominent retail corridor within the region. The subject has easy access to the New York City Subway system for consumer convenience; New Utecht Avenue mirrors the New York City Subway located directly above it. There is an astounding one-mile population exceeding 173,000 individuals and a high renter-occupied population of 68 percent, which will contribute to a rapid lease-up phase for this state-of-the-art facility. The property offers convenient access to all the world-renowned amenities in the New York City Metro Area.
Brooklyn Storage represents an exceptional opportunity to acquire a trophy asset in one of the world’s most coveted markets; land is a rarity and scarcity in this dense borough of New York City. The developer specializes in self-storage construction and has built, owned and managed nine facilities in New York City, totaling over 14,000 units and one million square feet over the past 15 years. Additionally, the subject has a year three stabilized NOI projection of $3,624,611 and a projected 10×10 climate-controlled rental rate of $346. The facility will serve as the primary storage option in one of the most sought-after markets in the world.
- Five-Story, State-of-the-Art Asset Representing the Best-of-the-Market in Brooklyn, New York
- Opportunity to Capitalize on an Existing One-Mile Supply of 0.04 Square Feet Per Capita
- 68 Percent Renter-Occupied Population Will Lead to a Rapid Lease-Up
- 173,000 Individuals Within One Mile of the Subject
- 0.5 Blocks from New Utrecht Avenue, Which Serves as a Prominent Retail Corridor Within Brooklyn