NYC MSA 10-Property Self-Storage Portfolio Opportunity – Brooklyn, The Bronx & Queens

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Brooklyn, The Bronx & Queens, NY
Ten state-of-the-art, Class A self-storage properties in various stages of lease-up
Dense population, high costs of living, and small living spaces continue to yield a healthy demand environment for self-storage in the boroughs
Each property has an ICAP abatement in place, and is well-positioned to benefit from rapid rent growth resulting from limited incoming new supply
This portfolio is an excellent investment opportunity for a buyer with a long-term investment horizon. The existing supply is beginning to stabilize, and with limited new supply incoming, the portfolio is poised for strong market rent growth

Cushman & Wakefield’s Self-Storage Advisory Group has been exclusively retained by SNL Capital Partners, LLC to offer for sale ten of SNL’s newly built, Class-A self-storage properties.

This portfolio presents a unique opportunity to acquire ten self-storage properties located in New York City. The portfolio consists of 612,095 rentable square feet of Class-A self-storage in high-visibility locations throughout Brooklyn, the Bronx and Queens, New York. The ten state-of-the-art facilities were completed between 2019 and 2022. As of May 2023, eight of the ten properties were approaching stabilization, with physical occupancy ranging from 70% to 86%. The two newer facilities were still in early lease-up, with occupancies at 28% and 39%.

The demand drivers and market fundamentals for self-storage within the subject properties’ trade areas are among the best in the nation. New York City is home to over 8.8 million people, making it the most populous city in the United States. It’s large and diverse population, high costs of living and small living spaces bolster consumer demand in an underserved market with high barriers to entry. These factors give owners substantial operating leverage and signal above-average market rent growth for the foreseeable future.

Former Governor Andrew Cuomo passed legislation removing self-storage properties’ eligibility to benefit from ICAP tax benefits. This significantly impacts the economic feasibility of new self-storage development in the boroughs. As a result, the portfolio will benefit from a significant reduction in risk from new competition, which will materially increase market rents.

The portfolio offers considerable upside which can be achieved by stabilizing occupancies and bringing existing tenants’ rental rates up to market levels through customer rate increase initiatives. As previously mentioned, new legislation regarding ICAP abatements for self-storage will significantly reduce incoming supply, promoting rapid market rent growth within the subject properties’ trade areas

NYC MSA 10-Property Portfolio

  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as the Brooklyn, Bronx & Queens Self Storage Portfolio opportunity.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.


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