CubeSmart pays $58M for leasehold from Deluxe Storage, part of large transaction

Cubesmart, L.P, acquired a ground lease valued at $58 million from Storage Deluxe through its entity 5740 Broadway LLC for 1 parcel, including the tax class warehouse or self storage (E7) at 5740 Broadway in Kingsbridge. The memorandum was signed on December 21, 2020 and was recorded on January 7, 2021
The property contains a total of 127,750 square feet of built space.
This is the sale of a leasehold for $58 million. This transaction is part of an announced sale. The contract date was October 21, 2020. Storage Deluxe signed the ground lease with the landlord in 2014. At the time it was valued at $11.7 million.
Over the past five years, there have been 22 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 22 renovation/alteration projects (A2) applied for with a total estimated value of $1,483,181.

Direct link to Acris document. link
The signatory for the buyer was Jeffrey P. Foster.