Self-storage operator TI Storage has acquired a 36,000-square-foot parking lot in Manhattan, N.Y., on which it plans to develop a self-storage facility. The empty lot, 122 W. 146th St., is located just off Franklin D. Roosevelt East River Drive.
The facility will encompass 100,000 square feet and approximately 2,000 self-storage units. Features will include climate-controlled units, individual door alarms, video cameras and a free pick-up service. The total project cost is estimated at $20 million.
"The company has been very successful in Brooklyn, Queens and New Jersey, and we are very excited about developing our first state-of-the-art facility in Manhattan,” said Jack Kennedy Cayre, president.
With the most recent purchase, TI Storage now owns, has interest in and manages 11 facilities containing more than 1 million square feet of storage space and more than 12,000 self-storage units in the greater New York area. TI’s most recent addition was the purchase of an 83,000-square-foot U.S. Postal Service distribution center at 78-02 Liberty Ave. in Ozone Park, Queens, which it converted to self-storage. The Liberty Avenue location is slated to open this fall.
Manhattan, N.Y.-based TI Storage is a real estate company specializing in the acquisition, development and management of self-storage properties.