Storage Deluxe Buys Bankrupt Brooklyn Business to Convert to Self-Storage
|Copyright 2014 by Virgo Publishing.|
|Posted on: 04/09/2012|
Manhattan, N.Y.-based self-storage operator Storage Deluxe recently purchased a 50,000-square-foot building in Brooklyn, N.Y., for $5.4 million. Acquired from Twin City Lofts LLC and located at 1050 Atlantic Ave., the building will be redeveloped into a 1,200-unit self-storage facility. Slated to begin this month, the project is expected to be completed by the end of 2012.
The transaction required approval by the U.S. Bankruptcy Court, as Twin City Lofts had filed for bankruptcy in late 2010. Storage Deluxe was represented in the transaction by Cohen & Perfetto LLP, a Manhattan-based real estate law firm. “Once again we see Storage Deluxe making investments in neighborhoods with growth opportunity, and we are happy to help them as they expand,” said Louis A. Perfetto, one of the firm's managing partners.
Perfetto oversaw the transaction with Matia Nikolovienis, also of Cohen & Perfetto. The seller was represented by Mark J. Nussbaum of Altman Schochet LLP.
Storage Deluxe bought another Brooklyn property at 900 Atlantic Ave. in 2010. “With the proximity to our current property on Atlantic Avenue, 1050 Atlantic provided a strategic opportunity for us to expand our presence in a tremendous area,” said Steve Novenstein, president of Storage Deluxe Realty.
Storage Deluxe recently opened its newest Brooklyn facility at 338 3rd Avenue. Founded in 1998, the company has seven facilities in the Bronx, Brooklyn and Queens, N.Y., and another six coming soon in those boroughs.
Perfetto launched his firm with Marshall J. Cohen in 2005. The company serves land developers, residential and commercial developers, banks, institutional and individual owners, landlords and tenants, and lenders and borrowers from middle market to Fortune 500 companies.