Self-storage operator Storage Deluxe recently acquired vacant land in Long Island City, Queens, N.Y., for $5.75 million. The company plans to develop a 110,000-square-foot facility with 2,000 storage units at the location. Construction will commence in October.
The property, 30-25 Northern Blvd., was purchased from Margaret and Terence P. Toal. The vacant lot is currently being leased to a parking-lot tenant.
This acquisition presents an exciting opportunity for us to add to our current footprint in Long Island City, said Steve Novenstein, president of Storage Deluxe Realty. We look forward to developing another ground-up, first-class self-storage facility.
Storage Deluxe already operates three self-storage facilities in Long Island City, and purchased an industrial property earlier in the year on which it plans to erect two buildings, one for traditional storage and the other for fine-art storage.
Christine Mulryan and Louis Perfetto of Cohen & Perfetto LLP, a Manhattan-based real estate law firm, represented Storage Deluxe in the most recent transaction. Larry Simon and Kelly Kulak of Morrison & Cohen LLP represented the seller. Steven Hornstock of ABS Partners Real Estate was the broker on the transaction.
Founded in 1998, Storage Deluxe has seven facilities in Bronx, Brooklyn and Queens, N.Y., and another seven coming soon in these boroughs.
Marshall Cohen and Louis Perfetto formed Cohen & Perfetto in 2005. The company serves land developers, residential and commercial developers, banks, institutional and individual owners, landlords and tenants, and lenders and borrowers. The firm has experience in handling many types of commercial real estate transactions.