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 Astoria neighborhood of Queens, N.Y., for $94 million. The 173,990-square-foot property at 31-07 20th Ave. will be rebranded under the Prime Storage Group name, according to a source.
The Astoria facility is Prime Group’s third location in New York City. It acquired an 82,862-square-foot Brooklyn property from Madison in October for $53 million. The company has also purchased a Madison-owned property at 1735 Zerega Ave. in the Bronx for $37 million, the source reported.
Prior to its recent sales, Madison owned about 600,000 square feet of self-storage in New York City. “I’ve built enough storage, and we are now reframing our business to seek other adventures,” Adam Gordon, president of Madison, told the source.
Headquartered in Saratoga Springs, N.Y., Prime Group owns and manages more than 170 self-storage facilities in 23 states. Its operating portfolio comprises more than 10 million rentable square feet.