Cohen & Perfetto closes $22.5m expansion for Storage Deluxe

Cohen & Perfetto LLP, a Manhattan-based boutique real estate law firm, recently closed a $22.5 million 115,000 s/f purchase and development deal in Jamaica, Queens, N.Y., on behalf of Storage Deluxe, a major self-storage company. The transaction incorporates a $5.5 million acquisition of two properties located at 179-26 and 179-44 Jamaica Ave. and a $17 million construction loan to expand Storage Deluxe's presence in the borough. Louis Perfetto, managing partner of Cohen & Perfetto and a recognized expert on self storage, managed the transaction. "We are pleased to participate in the growth of the self-storage industry and of Storage Deluxe," said Perfetto, who worked with Matia Nikolovienis and Christine Mulryan of the firm on the transaction. "It's good to see this development deal going forward now in a difficult environment," said Perfetto, who has closed on more than 1.6 million s/f of storage facilities. The property currently houses 15,000 s/f of existing tenants; the Storage Deluxe self-storage facility will occupy over 100,000 s/f. Manhattan-based Storage Deluxe is an owner, developer and manager of self-storage properties with over 30,000 tenants and 2 million s/f of self storage and a Cohen & Perfetto client since the firm's founding in 2005. The company's new Jamaica facility represents an expansion of the company's already extensive facilities - other locations are in Queens, Brooklyn, the Bronx, Long Island, Westchester, Connecticut, and Pennsylvania. Construction at the Jamaica location is expected to be completed by December 31, 2009. Herrick Feinstein LLP represented the seller, 179-50 Jamaica Avenue LLC, in the transaction. Sholom and Zuckerbrot acted as the broker for the deal.