For economic reasons, it was imperative to use every inch of available vertical space, so double-stacked lockers can be found throughout the facility. On floors where ceilings are low, the developers engineered the project to extremely close tolerances. The unit partitions were engineered to be less than one inch from the ceiling beams, and the HVAC system had to be specially designed to squeeze in the available openings while delivering adequate heat and air. Even the sprinkler system was designed with the use of side-wall heads to minimize any obstructions.
The initial operating performance of the property has been nothing short of spectacular. A pro forma showing unit rentals of 100 per month would be considered aggressive in most markets, but the developers believed in the building’s ability to draw based on location. To their extreme delight, the facility has recently been renting nearly 150 units per month. It has approached 50 percent occupancy in about nine months and is cash-flow positive.
Enjoy the View
Remember the HBO series "Sex and the City"? The leading actress once gave tribute to New York City as a supporting “cast member” of the show. I think the same holds true for Gotham Mini Storage. Ample windows on several of the storage hallways allow tenants a breathtaking view of the city. In fact, a few customers have offered to pay more for a unit with a view!
Gotham has achieved the goal at hand: to provide a storage alternative to a highly populated area known for its lack of space. Yet it's done so much more in creating a user-friendly environment that exceeds customer expectations at every turn. While NYC may be a supporting cast member, the facility's leading performance has earned top billing without a doubt.
Jack Guttman and Stephen Schwartz are co-founders of Broadway Storage, a firm that specializes in the development and acquisition of industrial properties including Gotham Mini Storage. Amy Fuhlman manages the marketing communications programs for Janus International, a manufacturer of self-storage roll-up doors and components. For more information, visit www.gothamministorage.com or www.janusintl.com .