The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale the New York City Self Storage Portfolio.
The New York City Self Storage Portfolio is comprised of five, Class A storage assets in Brooklyn, Queens and the Bronx, New York; which are three of New York City’s most densely-populated boroughs. The portfolio offers 5,435 climate-controlled units, 145 portable units and 13 dry space units for a total of 5,593 units and will yield an additional 24,740 square feet of portable units across all of the subject properties by Q2 2020. Each facility consists of large loading bays for consumer convenience, in addition to elevator access. The facilities utilize premium video surveillance to ensure secure self-storage.
Impeccably situated in two dominating markets of New York City, the portfolio offers a maximum driving distance of 49 miles, allowing for convenient and efficient management. An investor will benefit from the portfolio’s location in the most-populated MSA in the United States. A strong renter-occupied population dominates every facility’s surroundings; historically, renters utilize self storage at a higher rate compared to home owners. Each site encompasses a low supply of storage in square feet per capita, demonstrating the strong need for quality storage within the nation’s most coveted market. Furthermore, the subject properties offer easy access to several of the region’s heavily-frequented thoroughfares, including the Bruckner Expressway and U.S. Highway 1, as well as superb foot traffic.
The New York City Self Storage Portfolio represents a once-in-a-lifetime opportunity to acquire five trophy assets in the most desirable metro area in the United States with a high barrier to entry as demonstrated by the boroughs’ arduous zoning for self storage paired with land scarcity. In addition to the portfolio’s unparalleled location, an investor can capitalize on each property’s respective tax abatement and drive rental rates to meet the comparable average upon stabilization; each facility is experiencing a rapid lease-up phase in this under-supplied market. This state-of-the-art portfolio offers all of the ideal components for a strong self-storage investment in the unofficial capital of world.
- Extremely Rare Opportunity to Acquire Class A Self-Storage Facilities in a High Barrier-to-Entry Market