Cohen & Perfetto LLP, a Manhattan-based real estate law firm, recently closed $11 million in financing on behalf of Storage Deluxe for a property in Long Island City, a neighborhood in Queens, New York City. The funding, provided by Wells Fargo Bank, NA, will pay for the eventual development of a plot of vacant land purchased from HD Development of Maryland Inc., an affiliate of Home Depot USA.
The lot is adjacent to an existing Home Depot store. Over the next year, Storage Deluxe will build a six-floor, climate-controlled self-storage facility on the property. It will comprise 67,425 rentable square-feet and 1,395 units.
Perfetto oversaw the transaction with Matia Nikolovienis and Christine Mulryan, also of Cohen & Perfetto. James Scott of Giordano Halleran & Ciesla represented HD Development in the transaction. Reed Smith LLP acted as the attorney for Wells Fargo. The deal was conducted using brokers from Studley Inc. as well as Corporate Property Disposition LLC.
Marshall Cohen and Louis Perfetto formed Cohen & Perfetto LLP, a full-service boutique real estate law firm, in 2005. The company serves land developers, residential and commercial developers, banks, institutional and individual owners, landlords and tenants, and lenders and borrowers. The firm has experience in handling many types of commercial real estate transactions.