Baranof Holdings to Develop NYC-Area Facility

The company is set to develop a 1,174-unit self storage property located in Yonkers. The project is expected to break ground in this quarter.
Extra Space Storage

Baranof Holdings has purchased a site for the development of a 93,100-net-rentable-square-foot self storage facility in Yonkers, N.Y. The project will break ground in the first quarter of 2019. Extra Space Storage will be the manager of the property.

Located at 324 Nepperhan Ave., the project site is near Freeway 9 and Interstate 87. The site is also close to residential areas, with approximately 13,550 units completed or under construction within a 3-mile radius. The new seven-building facility will occupy 1.7 acres and will encompass a total of 1,174 climate-controlled units, according to Yardi Matrix data.

In addition to the project in Yonkers, Baranof Holdings has three other facilities under construction in Inglewood, Calif., Orange County, Calif., and Seattle, Wash. A private equity fund advised by Crow Holdings Capital – Real Estate provided equity for the company’s upcoming properties. Baranof Holdings also intends to grow its footprint in the Bay Area—where self storage supply is limited—, as well as in Miami and Honolulu, Hawaii.

Rendering courtesy of Baranof Holdings