Manhattan, N.Y.-based self-storage operator Storage Deluxe has entered into a contract to pay roughly $18 million for an industrial property at 2115 Queens Plaza North in the Long Island City section of Queens. The company plans to build two buildings on the site, one for traditional storage and the other for fine-art storage. The fine-art storage building will be branded as SD Fine Art and become the brand's second location in New York City.
The 105,000-square-foot building is currently owned by owned by Graybar, a St. Louis-based distributor of electrical, communications and data-networking products. The building has been on the market for more than a year, according to the source. The company was initially asking $25 million for the property.
The acquisition comes almost six months after Storage Deluxe shared plans to sell 22 existing facilities in the New York area to CubeSmart for $560 million. Earlier this month, Storage Deluxe opened a 84,000-square-foot facility in Brooklyn. The company paid $6.5 million for that industrial property last year and renovated it.
The current SD Fine Art location is in the Bronx, three miles from the Upper East Side of Manhattan, and was completed in 2006. It offers climate-controlled units, as well as other specialized services.
Founded in 1998, Storage Deluxe has seven facilities in the Bronx, Brooklyn and Queens and another six coming soon in those three boroughs, according to the company website.