Extra Space Storage pays $15.3M to Sprayregens of Tuck-it-Away for storage in Bronx
Extra Space Storage Inc. through the entity Trea Spiv Bronx Ny LLC paid $15.3 million to the Sprayregen family of Tuck-it-Away through the entity 2021, Concourse Rising, LLC for industrial building at 1112 Brook Avenue in Morrisania, Bronx and industrial building at 1045 Webster Avenue in Concourse Village, Bronx.
The deal closed on December 23, 2021 and was recorded on January 20, 2022.
The two properties have 46,047 square feet of built space and 33,898 square feet of additional air rights for a total buildable of 59,485 square feet according to PincusCo analysis of city data. The sale price per built square foot is $333 and the price per buildable square foot is $258 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 signatory for Tuck-it-Away was Matthew Sprayregen. The signatory for Extra Space Storage Inc. was Kirk Grimshaw.
Prior to this transaction, the buyer Extra Space Storage Inc. had not purchased any other properties and had not sold any properties over the past 24 months.
The two properties with a total of 46,047 square feet of built space generated revenue of $711,372 per year or $15 per square foot. The sale price per square foot was $333.
The Sprayregen family that founded the now-closed Tuck-it-Away self storage company, was the seller.
In Morrisania, the bulk, or 47 percent of the 29.3 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Morrisania has had very little sales volume relative to other neighborhoods with $64.9 million in sales volume in the last two years. For development, Morrisania has had very little major development activity relative to other neighborhoods.It had 767,412 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
On the tax block, the majority, or 48 percent of the 140,101 square feet of built space are industrial buildings, with mixed-use buildings next occupying 28 percent of the space.
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