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Prime Group Holdings Acquires Brooklyn, NY, Self-Storage Facility for $53M

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Prime Group Holdings, a New York-based real estate group that owns self-storage and other real estate interests, has acquired a storage facility from Madison Development LLC in the Canarsie neighborhood of Brooklyn, N.Y., for $53 million. The 82,862-square-foot property at 1084-1098 Rockaway Ave. had been managed by real estate investment trust and third-party management firm CubeSmart but has been rebranded under the Prime Storage Group name, according to a source.

The Rockaway asset is Prime Group’s first location in New York City. The company will fund the purchase through a $42 million loan from Arbor Realty Trust Inc., a source reported. It has acquired 1.36 million square feet of self-storage this year, according to its website.

Madison acquired the Rockaway site as a vacant property in 2014 for $7 million. The storage facility wasn’t listed for sale. “If you develop good assets, people want to buy them, and that’s what happened to us,” Adam Gordon, managing partner for Madison, told a source. “We were very happy holding, but we got a good offer, so we took it.”

Madison owns 600,000 square feet of self-storage in New York City, according to a source.

Headquartered in Saratoga Springs, N.Y., Prime Group owns and manages 170 self-storage facilities in 23 states. Its operating portfolio comprises more than 9.6 million rentable square feet.

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