CubeSmart pays $33.1M to InSite Property Group for new storage building in Tottenville

CubeSmart through the entity 1 Ellis St, LLC paid $33.1 million to InSite Property Group through the entity Ellis Storage LLC for a nearly complete 146,364 square-foot storage building at 1 Ellis Street in Tottenville, Staten Island.
The deal closed on November 30, 2021 and was recorded on January 28, 2022.
(520371589) Plans for a 146,364 square-foot storage (S-1) building were filed on January 28, 2020 and were permitted on June 26, 2020. The builders filed for an initial temporary certificate of occupancy in July 2021, but the city has not yet issued the TCO or final CO, as of Jan. 30, 2022.

The property has 308,480 square feet of total buildable development rights according to PincusCo analysis of city data. The sale price per buildable square foot is $107 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property as a vacant lot along with two other vacant parcels on April 1, 2019, for $3.5 million.
The signatory for InSite Property Group was Charles “Chip” Brown. The signatory for CubeSmart was Jeffrey P. Foster.
Prior to this transaction, the buyer CubeSmart purchased 12 properties in 10 transactions for a total of $520.6 million and had not sold any properties over the past 24 months.
CubeSmart owns at least 45 properties in New York City with 3.9 million square feet of built space, according to a PincusCo analysis of the firm’s portfolio.
The seller InSite Property Group purchased five properties in five transactions for a total of $60.9 million and had not sold any properties over the same time period.

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