Life Storage pays $18M to Safe N Lock Self Storage for industrial in Soundview

Life Storage through the entity Life Storage SNL Bruckner LLC paid $18 million to Safe N Lock Self Storage through the entity SNL Orix Bruckner LLC for industrial building (E7) at 1430 Bruckner Boulevard in Soundview, Bronx.
The deal closed on August 10, 2022 and was recorded on September 1, 2022. The property has 49,625 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $362 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 18, 2016, for $3.8 million. The signatory for Safe N Lock Self Storage was Aryeh Goldman. The signatory for Life Storage was Michael Rogers.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Life Storage purchased two properties in two transactions for a total of $53.1 million and has no record it sold any properties over the past 24 months.
The seller Safe N Lock Self Storage purchased one property in one transaction for a total of $14.9 million and sold one property in one transaction for a total of $36.4 million over the same time period. The 49,625-square-foot property generated revenue of $835,189 or $17 per square foot, according to the most recent income and expense figures.

The property

The 1430 Bruckner Blvd parcel has frontage of 200 feet and is 157 feet deep with a total lot size of 25,639 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $5.2 million.

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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on November 8, 2019. 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 Soundview, the majority, or 61 percent of the 21.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Soundview has had very little sales volume relative to other neighborhoods with $163.1 million in sales volume in the last two years. For development, Soundview is the 4th most active neighborhood among other neighborhoods. It had 9.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 42 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the eight commercial properties representing 23,489 square feet of the 94,914 square feet. The identified owner is D. Benedetto Inc..
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 94,914 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 Safe N Lock Self Storage owned at least two commercial properties in New York City with 28,430 square feet and a city-determined market value of $2.8 million. (Market value is typically about 50% of actual value.) The portfolio has $57.9 million in debt, with top three lenders as Saperean Capital, Sterling National Bank, and Emerald Creek Capital respectively. Within the portfolio, all identified are industrial properties. They are all located in Queens.

The buyer

The PincusCo database currently indicates that Life Storage owned at least three commercial properties in New York City with 282,690 square feet and a city-determined market value of $34.4 million. (Market value is typically about 50% of actual value.) The portfolio has $14.4 million in debt, borrowed from Northwestern Mutual Life Insurance. Within the portfolio, all identified are industrial properties. The bulk, or 76 percent of the built space, is in Queens, with Brooklyn next at 24 percent of the space.

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