Brooklyn Self Storage Development

Brooklyn Self Storage Development2019-10-09T12:57:12-04:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale the Brooklyn Self Storage Development.

Market Bid
NRSF – 92,013

1453 62nd Street
Brooklyn, NY 11219

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.

Investment Highlights:

  • 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
  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as the Brooklyn Self Storage Development.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.