The New York City Self Storage Opportunity

The New York City Self Storage Opportunity2020-03-11T17:23:03-04:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale The New York City Self Storage Opportunity.

Under LOI
NRSF – 74,707

134-31 Merrick Boulevard
Jamaica, NY 11434

The New York City Self Storage Opportunity is comprised of a Class A storage asset in Queens, New York; which is one of New York City’s most densely-populated boroughs. The facility offers 87 lower climate-controlled units, 682 upper climate-controlled units, 484 lockers and 64 portable units for a total of 1,317 units. The subject property consists of large loading bays for consumer convenience, in addition to elevator access. The site utilizes premium video surveillance, keypad entry, fencing, and optimal lighting to ensure secure self-storage.

Impeccably situated in a dominating market of New York City, the facility offers prime visibility along Merrick Boulevard, witnessing over 24,000 vehicles daily. An investor will benefit from the site’s location in the most-populated MSA in the United States. A strong renter-occupied population dominates the subject’s immediate surroundings; historically, renters utilize self-storage at a higher rate compared to home owners. There is a low supply of storage in square feet per capita, demonstrating the strong need for quality storage within the nation’s most coveted market. The property is approximately four miles from John F. Kennedy International Airport, one of the busiest airports in the world. Furthermore, the subject property offers easy access to several of the region’s heavily-frequented thoroughfares, including the Belt Parkway and the Van Wyck Expressway, as well as superb foot traffic.

The New York City Self Storage Opportunity represents a once-in-a-lifetime opportunity to acquire a state-of-the-art trophy asset 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 facility’s unparalleled location, an investor can capitalize on the subject’s respective tax abatement and drive rental rates to meet the comparable average upon stabilization; the opportunity is experiencing a rapid lease-up phase in this under-supplied market. This class A asset in this dense borough of Queens offers all of the ideal components for a strong self-storage investment in the unofficial capital of world.

Investment Highlights

  • State-of-the-Art, Class A Storage Asset in a High Barrier-to-Entry Market
  • Capitalize by Raising Rental Rates to the Market Average Upon Stabilization
  • Newly-Constructed Portable Drive-Up Units Provide a Rare Option for Storage in the Area
  • Directly Situated in the Heart of Queens, Boasting Easy Highway Access, Subway Access and High-Volume Foot Traffic
  • Low Supply with a Massive Population of Over 440,000 Individuals Within Three Miles of the Property
  • High Ratio of Renter-Occupied Housing Surrounding the Site
  • Subject Advantageously Offers a Tax Abatement
  • Limited Competition and a Growing Demand for Storage in the U.S.’ Most Populous Market with a Scarcity of Land
  • 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 The New York City Self Storage Opportunity.

    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.