City officials in Troy, N.Y., are considering a proposal from Side by Side Storage to buy a vacant, four-story building and convert it into self-storage.
Side by Side Storage is offering $25,000 to purchase the former Oviatt Plumbing building from the city, then pledges to invest $350,000 to convert the 32,820-square-foot building into self-storage, according to a proposal from Marc Johnson, president of Side by Side. The $350,000 will reportedly cover new windows, fresh paint, landscaping and a 24-hour security system, among other amenities. The building has been empty since the late 1990s and for sale for eight years. The city took possession of the property two years ago.
In his proposal, Johnson said the surrounding area is "extremely underserved" in terms of self-storage. The proposal will be presented to the City Council Finance Committee. The full city council must approve the sale.
Troy is located on the Hudson River, about 7 miles north of Albany. Side by Side Self Storage is a Saratoga Springs, N.Y.-based self-storage real estate investor that seeks to buy facilities and sites directly from owners.
- The Business Review: Empty Troy Building Eyed for Storage Units