Self-storage operator Storage Deluxe has purchased a property in Flushing, Queens, New York, for $14.3 million. Located at 41-06 Delong St., it is the company's second acquisition in the neighborhood.
Storage Deluxe will transform the 96,000-square-foot parcel into a 198,000-square-foot mixed-use center that will include a 160,000-square-foot, seven-story self-storage facility with 2,800 units and 38,000 square feet of retail/industrial flex space on the ground floor. The first of its kind in Flushing, the development will feature more than 100 street-level parking spaces, 18-foot ceilings, a pad site, and high-profile signage viewable from the Van Wyck Expressway and the Long Island Rail Road. Construction will begin in November.
The property's leasing efforts will be spearheaded by commercial real estate firm Harvest International, which found the property on the storage operator's behalf.
We anticipate many inquiries from home-décor businesses and building-material suppliers, as this part of Flushing has been a hub for these companies to set up shop, said Harvest International Vice President Daphne Zhou-Chan, who co-brokered the deal with company president Charles Chan and director of sales and leasing Theo Kontis.
Storage Deluxe was represented in the transaction by Christine Mulryan, Matia Nikolovienis and Louis Perfetto of Cohen & Perfetto LLP, a Manhattan-based real estate law firm.
Harvest International provides commercial and industrial brokerage services worldwide. The company has completed several transactions in Flushing, including the acquisition and redevelopment of a former Caldor department store at 136-20 Roosevelt Ave.
Founded in 1998, Storage Deluxe is a New York-based owner, developer and operator of self-storage facilities. The company has developed more than 30 facilities in the New York metro area. After selling a 27-property portfolio to self-storage real estate investment trust CubeSmart this summer, the company still owns several facilities in Bronx, Brooklyn and Queens, N.Y., with others coming soon in these boroughs.