CubeSmart pays $123M to Storage Deluxe, part of announced $540M transaction

CubeSmart paid $123 million to Storage Deluxe, part of a larger, announced $540 million transaction. There were two recorded sales on Friday. This is the third group of sales from that transaction that have been recorded.

In the first of the two recorded in Friday, CubeSmart through the entity 41-06 Delong Street, LLC paid Storage Deluxe’s SD Flushing De LLC $102.4 million for one storage space condo unit at 41-02 Delong Street in Flushing. The deal closed on December 21, 2020 and was recorded on January 15, 2021. The transaction consists of 1 parcel, including the tax class non-business storage space condominium (RS). The property is 164,388 square feet. The parcel(s) have total development potential of 164,388 square feet.
The average sale price per square foot is $623.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $423,000.

Direct link to Acris document. link
The contract date was October 21, 2020.
The signatory for the buyer was Jeffrey P. Foster.

In the second of the deals recorded on Friday, CubeSmart through the entity 41-06 Delong Street – Retail, LLC paid Storage Deluxe’s Sd Flushing Retail LLC $20.6 million for two more storage condo units at 41-02 Delong Street in Flushing. The deal closed on December 21, 2020 and was recorded on January 15, 2021. The transaction consists of 2 parcels, including the tax class retail condominium (RK). The properties have a total of 33,001 square feet of built space. The parcel(s) have total development potential of 33,001 square feet.
The average sale price per square foot is $623.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. The contract date was October 21, 2020.
The signatory for the buyer or lender was Jeffrey P. Foster