Clutter pays $54.5M to affiliates of Laquila Group for property in Queens and Brooklyn

The self-storage company Clutter paid $54.5 million to affiliates of the construction company Laquila Group to buy warehouse buildings in Long Island City and East Flatbush, in two transactions. Clutter announced that is bought the buildings as a larger package of four properties with a total price of $152 million.

In the larger transaction, Clutter through the entity 30-46 Northern Blvd Storage LLC paid Laquila Group’s 30-36 Northern Blvd., LLC $32.3 million for 30-36 Northern Boulevard in Long Island City. The deal closed on September 19, 2019, and was recorded on September 27, 2019. The transaction consists of 1 parcel, including the tax class warehouse or self storage (E7). The property is 133,512 square feet. The parcel(s) have total development potential of 133,512 square feet.
The average sale price per square foot is $242.
The estimated cap rate is 4.3%

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on July 1, 2015.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $1,061,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

In the smaller transaction, Clutter through the entity 5601 Foster Ave Storage LLC paid Laquila Group’s 5601 Foster Ave., LLC $22.2 million for 5601 Foster Avenue and 5633 Foster Avenue in East Flatbush. The deal closed on September 19, 2019, and was recorded on September 27, 2019. The transaction consists of 2 parcels, including the tax class warehouse or self storage (E7). The property is 52,585 square feet. The parcel(s) have total development potential of 52,585 square feet.
The average sale price per square foot is $433.
The estimated cap rate is 1.6%

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on April 15, 2014.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $3,280,042. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $1,473,669.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link