Treasure Island Storage, a self-storage operator with 10 facilities throughout New York City and New Jersey, has bought an 84,000-square-foot industrial building in Queens from the U.S. Postal Service. Located at 78-02 Liberty Ave. in Ozone Park, the site has been used as a mail-sorting facility for the past 30 years.
The building sold for $6.55 million. Israel Discount Bank of New York provided a $6.8 million loan on the property to finance its acquisition and renovation, according to Ken Cayre, president of Cayre & Sons Acquisitions, the company controlling Treasure Island Storage.
“The building will to be converted to a state-of-the art, class-A self-storage facility,” Cayer told the Commercial Observer. “We expect this project to be approximately $11 million when completed,” he said.
Treasure Island Storage's other properties are in Brooklyn and Queens, N.Y., as well as Asbury Park, Cherry Hill, Howell, Lakewood, Old Bridge, Paterson and Woodbridge, N.J. The company has two more projects in the pipeline in the outer boroughs of New York City and is actively pursuing additional opportunities, according to the Observer article.
USPS is selling 71 buildings and 24 land parcels nationwide, according to a list created by CBRE, the real estate brokerage in charge of selling the properties. A USPS spokesperson confirmed the list and said the government organization has put these properties on the market to "streamline operations."