By Amy Fuhlman, Jack Guttman and Stephen Schwartz
Gotham Mini Storage is a state-of-the-art, multi-story self-storage facility at the corner of 39th Street and 10th Avenue in Manhattan, right in the heart of New York City. Developed by seasoned industry professionals Jack Guttman and Stephen Schwartz of Broadway Storage, the class-A facility opened in January with 2,000 units and 140,000 square feet of space. The "New York Times" even did a feature story on the project to demonstrate a new generation of self-storage properties.
Those who have ever attempted a conversion in a major metro area know it’s no easy task. Here are the details of this impressive development, including demographics, economics, features and performance.
Gotham Mini Storage is just a few blocks north of the Hudson Yards redevelopment, the largest development project currently under way in the United States. It encompasses tens of thousands of new apartments and more than 20 million square feet of commercial development including office, retail and hotels.
The facility is on 10th Avenue, a major north/south land arterial, at the entrance to the Lincoln Tunnel. Its visibility is staggering, as it occupies the entire block between 38th and 39th Streets. It's only one block from the Jacob Javits Convention Center and is surrounded by high-rise towers. Daily visibility reaches hundreds of thousands of people.
The Manhattan self-storage market has incredibly high barriers to entry. A severe lack of appropriately zoned land combined with intense competition from other uses makes self-storage development extremely difficult. Except for Gotham Mini Storage, there have been no new industry developments south of 96th Street in 10 years.