Storage Deluxe is building a new self-storage facility in Queens, N.Y. The Manhattan-based developer and operator purchased three-quarters of an acre in College Point for $13.3 million. The developer obtained $8.2 million in financing from M&T Bank for the construction and development.
The facility will have 65,000 square feet of rentable storage space with 1,150 self-storage units.
“In this financial climate, Storage Deluxe continues to be committed to finding great locations in densely populated areas where we can add to our existing New York City footprint,” said Steve Novenstein, president of Storage Deluxe Realty.
Storage Deluxe owns 31 self-storage facilities in the New York metropolitan area.
Source: Crain’s New York Business, Development Deal Yields Queens Storage Facility