Saratoga Springs Firm Pays $94 Million for Astoria Self Storage Site

Posted: 12/27/2017 Link:
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Saratoga Springs-based Prime Storage Group made its second big bet on the New York City self storage market in two months, buying 31-07 20th Avenue in Astoria for $94 million.

Madison Development, which developed the 173,990-square-foot building, is the seller along with a Prudential Financial fund. Madison president Adam Gordon said no brokers were involved.

The development firm previously sold two other self storage facilities to Prime Group. In October, 1098 Rockaway Avenue in Canarsie traded hands for $53 million. Gordon said Prime also bought 1735 Zerega Avenue in the Bronx, although that sale has yet to hit property records, adding that Prime paid $184 million for the three properties.

Prime did not respond to a request for comment.

“I’ve built enough storage, and we are now reframing our business to seek other adventures,” Gordon said.

A CBRE report from earlier this year found that because of residents’ lack of storage — 3.52 square feet per person, roughly half the national average — developers are increasingly targeting opportunities in self storage facilities in New York City.

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