News:
Brokerage
Posted: October 7, 2013
Malagisi of Sperry Van Ness completes $1 million sale of Extra Space Self Storage; 242-unit storage facility sold to regional operator
Sperry Van Ness Commercial Realty arranged the sale of Extra Space Self Storage for $1 million. The property, located at 1269 State Hwy. 5S, consists of a 242-unit storage facility set on 44 acres which back up to the I-90 interchange. The property was sold at a 9% cap rate, priced at $32.55 per net rentable s/f, less than replacement cost.
The seller was Extra Space Self Storage, one of the 4 storage REITs in the industry, and the buyer was a regional operator looking to expand. Nick Malagisi, SIOR, national director self storage of the SVN National Self Storage team, was the sole broker in the acquisition.
Tags:
Brokerage
MORE FROM Brokerage
Liberow and Benshar of Asset CRG Advisors arrange $18.1 million ground lease transaction for 358 Flatbush Ave. development site
Brooklyn, NY Asset CRG Advisors recently facilitated the disposition of 358 Flatbush Ave., a Brooklyn development site situated at the intersection of Park Slope and Prospect Heights overlooking Grand Army Plaza and Prospect Park.
Quick Hits
Columns and Thought Leadership
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
