Cubesmart pays $9.5M to ABS Partners for ground-leased warehouse in Mott Haven

Storage company Cubesmart paid ABS Partners Real Estate’s Mad-Bri Associates, LLC $9.5 million for 255 Exterior Street in Mott Haven. Cubesmart already controlled the property through a long-term ground lease it acquired in 2011. The deal closed on July 20, 2020, and was recorded on July 31, 2020. The transaction consists of 1 parcel, including the tax class warehouse or self storage (E7). The property is 122,354 square feet. The parcel(s) have total development potential of 146,147 square feet.
The average sale price per square foot is $65.

The contract date was the same as the closing date, July 20, 2020. The last time an interest in the property sold was November 3, 2011, when the ground tenant Storage Deluxe sold its 99-year leasehold to Cubesmart for $36.66 million.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $1,549,772.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link