SVN | Commercial Realty, one of the nation’s premier self storage advisory firms, has completed the sale of two self storage properties in the state of New York for a total of $41.1 million. Nicholas J. Malagisi, SIOR, Managing Director of SVN | Commercial Realty and Chair of the Self-Storage Product Council for SVN International Corp., advised the sellers in the two high-value transactions, comprising the sale of 31-40 Whitestone Expressway in Flushing and 13 Brady Avenue, Hawthorne in Westchester County. Hans Hardisty, MBA, Managing Director of SVN | Deegan-Collins Commercial Realty assisted Malagisi in both transactions.
“Each of these transactions offer a distinct opportunity for both the sellers and buyers in a sector seeing rising demand,” said Malagisi. “The self storage industry delivers buyers foreseeable economic value in a desirable market with strong rents in an undersupplied sector of real estate. For sellers, this asset class offers the opportunity to capitalize on a robust fiscal transaction.”
31-40 Whitestone Expressway is a self storage facility located in the College Point neighborhood of Flushing. The 70,368 square-foot building sits on 1.9 acres with an additional 55,000 square feet of floor to area ratio. The property was sold by Whitestone Expressway Realty, LLC for $27 million to 3104 Whitestone Expressway, LLC.
130 Brady Ave., Hawthorne within Westchester County, is a 40,452-square foot self storage facility situated on 1.5 acres of land. The newly remodeled property includes the opportunity for expansion with space for an additional 2,450 square-foot building. Goodfriend Self-Storage sold the property for $14.1 million to US Storage Centers, Inc.
About SVN | Commercial Realty
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