We’re pretty sure the recent sale of five self-storage properties in various parts of the borough is the biggest commercial real estate trade of 2011 in Brooklyn. The properties, which sold for a total of $123.9 million in a deal recorded on Friday in public records, are Storage Deluxe buildings in Clinton Hill (481 Grand Avenue, went for $17.5 million), the Bed-Stuy/Bushwick border (552 Van Buren Street, 22.3 million), East New York (464 Stanley Avenue, $27.8 million, and 2047 Pitkin Avenue, $15.4 million) and Gravesend (2400 Cropsey Avenue, $40.6 million). The buyer is a “self-storage real estate investment trust” called CubeSmart and the deals were part of a larger, $560 million portfolio purchase of Storage Deluxe buildings in the greater New York City area. Who knew there was so much money in storage facilities?
Photo by PropertyShark