JEMB Realty Corp., a New York-based real estate firm, has purchased a church parking lot in Brooklyn, N.Y., on which it plans to build an eight-story self-storage facility. The company paid $15.2 million for the property at 72 Caton Place, which is near the 526-acre Prospect Park, according to the source.
JEMB filed permits with the city last week for the 109-foot-tall building, which will comprise 157,600 square feet of storage space. Designed by Frank G. Relf Architect, it’ll also include five loading docks and two parking spaces. If approved, the facility will open in 2020, the source reported.
The firm purchased the Cavalry Cathedral International parking lot after a proposal to build a $126 million, nine-story residential building fell through in 2015. Real estate developer Suzuki Capital LLC had originally partnered with the church to build a 100,000-square-foot rental building on the site that would be integrated with the two-story church next door at 58 Caton Place.
JEMB is a family-run real estate development, investment and management firm based in New York City. The company and its affiliate partners own and operate a real estate portfolio that includes more than 6.5 million square feet of space in Canada and the United States.