Storage Post Picks Up Brooklyn Facility
- Jun 29, 2015
By Veronica Grecu, Associate Editor
A nine-story storage facility near the Brooklyn Navy Yard was picked up by Atlanta-based Storage Post from previous owner Moishe’s Self Storage, which continues to operate a portfolio of 500,000 square feet in Queens and the Bronx.
Easily recognizable by its bright-red exterior, the 280,000-square-foot building is located at 35 Ryerson St. in Brooklyn’s Clinton Hill neighborhood, right next to the Brooklyn Queens Expressway. The facility traded for $95.6 million, according to real estate website PropertyShark. This translates into $341 per square foot or $36.281 per unit.
With this acquisition Storage Post’s self-storage portfolio in New York City grows to ten properties. The company, which was founded in 1998, already owns and operates nine other locations in the Bronx, Brooklyn and Queens.
As reported by The Real Deal, the facility was built by the government in 1942. During World War II it was leased to the Mergenthaler Linotype Company, which used it as a manufacturing site. The building’s distinctive façade was painted bright red in 2010, a few years after Moishe’s Self Storage purchased the property.
Image via Storage Post