LONG ISLAND CITY, NEW YORK
29-01 Review Avenue
143,000 SF fully climate controlled ground-up self-storage development
The facility has 2,000 climate controlled units in the deeply undersupplied New York City Market. The property is located adjacent to the Long Island Expressway, with strong visibility as the 6-story structure is visible from both sides of traffic totaling over 150,000 cars per day. Furthermore, ECM based its thesis on leveraging the nearly 15,000 to 20,000 multi-family units slated to come online in Long Island City by 2020.
The asset’s infill nature and location in the Long Island City Industrial Business Zone, where new self storage development is no longer “as-of-right”, affords the asset extremely high barriers to entry in regards to new competition.
The investment opportunity was sourced through ECM’s professional network. The site was not marketed to the public. The site was acquired in 2015 and construction was completed in Q4 2016.