Self-Storage REIT CubeSmart Buys Storage Deluxe Facility in Coney Island, NY, for $49M

CubeSmart, a publicly traded self-storage real estate investment trust and third-party management firm, has acquired a seven-story Storage Deluxe facility in Coney Island, N.Y., for $48.5 million, according to the source. The property at 809 Neptune Ave. comprises 139,000 square feet.

CubeSmart, a publicly traded self-storage real estate investment trust and third-party management firm, has acquired a seven-story Storage Deluxe facility in Coney Island, N.Y., for $48.5 million, according to the source. The property at 809 Neptune Ave. comprises 139,000 square feet.

Manhattan, N.Y.-based Storage Deluxe purchased the property in July 2013 from the Brooklyn Union Gas Co. for $15 million, the source reported. The business filed plans for the self-storage facility two months later.

The two storage operators have a history of real estate deals. In 2011, CubeSmart acquired 21 Storage Deluxe facilities and a development site in the greater New York City area for $560 million. The portfolio contained about 1.6 million rentable square feet.

Storage Deluxe operates 10 facilities in the New York area, including five in Queens. It lists six New York sites as future development properties on its website.

CubeSmart owns or manages 674 self-storage facilities across the United States. Its operating portfolio comprises more than 41 million square feet.

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