Invesco pays $56.3M to Tuck-it-Away for storage in Vinegar Hill, Astoria

Invesco Real Estate paid $56.3 million to the Sprayregen family’s Tuck-it-Away for storage in Vinegar Hill and Astoria in two separate transactions.

In the first, Invesco Real Estate through the entity Brooklyn Self Storage Owner, Lp paid $43.5 million to Tuck-it-Away through the entity Tuck It Away Associates Dumbo, LLC for the storage industrial building (E7) at 160 John Street in Vinegar Hill, Brooklyn.
The deal closed on July 15, 2022 and was recorded on July 25, 2022. The property has 99,270 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $438 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 on July 24, 2007, for $10.8 million. The signatory for Tuck-it-Away was Matthew Sprayregen. The signatory for Invesco Real Estate was Jason W. Geer. The contract date was April 22, 2022.

In the second, Invesco Real Estate through the entity Queens Self Storage Owner, Lp paid $12.8 million to Tuck-it-Away through the entity Astoria Rising, LLC for industrial building (E7) at 37-19 Crescent Street in Long Island City, Queens.
The deal closed on July 15, 2022 and was recorded on July 25, 2022.The property has 46,868 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $272 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 on January 9, 2013, for $6.1 million. The signatory for Tuck-it-Away was Matthew Sprayregen. The signatory for Invesco Real Estate was Jason W. Geer. The contract date was April 22, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Invesco Real Estate purchased 46 properties in seven transactions for a total of $200.5 million and has no record it sold any properties over the past 24 months.
The seller Tuck-it-Away had not purchased any other properties and sold seven properties in three transactions for a total of $43.8 million over the same time period.

The property

The 160 John Street parcel has frontage of 156 feet and is 100 feet deep with a total lot size of 15,600 square feet. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $10.2 million.The most recent loan totaled $38 million and was provided by M&T Bank on April 23, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $8,750 in ECB penalties and $8,750 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Vinegar Hill, the majority, or 67 percent of the 2.1 million square feet of commercial built space are elevator buildings, with office buildings next occupying 13 percent of the space. In sales, Vinegar Hill has the 36th highest sale turnover among other neighborhoods in Brooklyn with $67.2 million in sales volume in the last two years. For development, Vinegar Hill has had very little major development activity relative to other neighborhoods.It had 54,302 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.

The block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 99,270 square feet of the 99,270 square feet. The two identified owners are Tuck-it-Away and Consolidated Edison. There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 99,270 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Tuck-It-Away owned at least five commercial properties in New York City with 266,462 square feet and a city-determined market value of $26.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. The bulk, or 45 percent of the built space, is in Bronx, with Brooklyn next at 37 percent of the space.

The buyer

The PincusCo database currently indicates that Invesco Real Estate owned at least nine commercial properties in New York City with 388,204 square feet and a city-determined market value of $65 million. (Market value is typically about 50% of actual value.) The portfolio has $115 million in debt, borrowed from Fifth Third Bank. Within the portfolio, the bulk, or 42 percent of the 388,204 square feet of built space are specialty properties, with office properties next occupying 37 percent of the space. The bulk, or 44 percent of the built space, is in Brooklyn, with Manhattan next at 40 percent of the space.

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