CubeSmart pays $90M to Storage Deluxe as part of announced $540M transaction

CubeSmart through the entity Cubesmart, L.P. paid Storage Deluxe’s 31-40 Whitestone Expressway LLC $90 million for 31-40 and 31-50 Whitestone Expressway in Queens. The deal closed on December 22, 2020 and was recorded on February 1, 2021. The transaction consists of 2 parcels. The properties have a total of 147,937 square feet of built space. The parcel(s) have total development potential of 168,195 square feet.
The average sale price per square foot is $535.

With this transaction, Storage Deluxe has sold CubeSmart eight properties for a total of $511 million. This is a portion of an announced transaction valued at $540 million. The contract date was October 21, 2010. The last time the property sold was June 16, 2017 for $27,000,000. Prior to 421
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 $493,200.

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