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Offering Price - Unpriced
Rentable Square Feet - 549,136
Number of Units - 9,468
Current Occupancy - Economic –12% / Physical –23%
Offer Deadline - June 30, 2021
Extremely Rare New York Self Storage Portfolio – The Portfolio offers five new, institutional quality, impeccably designed and maintained assets located in the New York metropolitan area. The current ownership developed/converted/renovated each of the five assets in a true, institutional quality manner. Each asset is strategically located with highly visible, easily accessible locations. This offering represents an unprecedented opportunity for an operator and/or investor to achieve critical mass in the New York metropolitan area immediately or expand an existing presence with assets that are accretive to their portfolio. As of July 2020, new self storage development is no longer eligible for the City of New York’s Industrial & Commercial Abatement Program (ICAP), which provides tax exemptions for new construction and redevelopment of commercial properties. This will limit the amount of new self storage development in the city, mitigating the threat of new competition.
Core Locations – All assets are located in highly desirable, densely populated, core, urban areas with extremely high barriers to entry. Each sub-market has excellent demand drivers for self storage: dense populations, high number of households, above average incomes and high numbers of renter-occupied housing units. The average three-mile population across the portfolio is over 496,000 people with average household incomes in excess of $136,000.
Best in Class Facilities – All assets are new construction or recent conversions with Class A, institutional quality design and amenities. Each asset was developed with a long-term hold in mind. Quality, convenience, security, visibility and functionality were the focus to ensure the assets remain competitive for the long term.
High Barrier to Entry Markets – The properties are located in core, infill locations in submarkets with an extremely limited number of available sites for new development. In addition, zoning guidelines and other municipal development hurdles will restrict the construction of new competitive self storage properties.
Immediate Scale with Core Assets and Locations – The Portfolio offers immediate scale (in excess of 549,000 SF) in the self storage sector with a meaningful presence in one of the most sought after markets in the U.S. The Portfolio offers an investor an extremely rare opportunity to place a large amount of capital in newly constructed, institutional quality assets located in core, urban areas with extremely high barriers to entry for new competition.