Safeguard Self Storage pays $40.2M to Equity Resource for storage in Borough Park

Safeguard Self Storage through the entity PPF SS 1454 39th Street, LLC paid $40.2 million to Equity Resource Investments and SNL Storage through the entity SNL XXII, LLC for the storage building (E7) at 1454 39th Street in Borough Park, Brooklyn. The expected use is cash flowing.
The deal closed on December 22, 2025 and was recorded on January 2, 2026. The property has 63,814 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $630 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 Equity Resource Investments and SNL Storage was Joanne D.C. Foley. The signatory for Safeguard Self Storage was James Goonan . The contract date was December 5, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Safeguard Self Storage had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Equity Resource Investments had not purchased any other properties and sold six properties in six transactions for a total of $173.5 million over the same time period. The 63,814-square-foot property generated revenue of $1.9 million or $29 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Borough Park has 63,814 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 138 feet and is 95 feet deep with a total lot size of 26,372 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.3 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 3 times the average sales volume among other neighborhoods with $888.1 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Borough Park has had very little major development activity relative to other neighborhoods.It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 14 commercial properties representing 85,719 square feet of the 142,089 square feet. The largest owner is Safe N Lock Storage, followed by Bnos Shifra and then Joel Follman.
On the tax block, there was one new building construction project filed totaling 45,246 square feet. It is a 42-unit, 45,246 square-foot residential (R-2) building submitted by Juda Lefkowitz and filed by Juda Lefkowitz with plans filed March 9, 2022 and permitted April 8, 2024.

The majority, or 50 percent of the 142,089 square feet of built space are industrial buildings, with mixed-use buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that SNL Storage owned at least six commercial properties in New York City with 296,849 square feet and a city-determined market value of $32.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 90 percent of the 296,849 square feet of built space are industrial properties, with development properties next occupying 10 percent of the space. The bulk, or 49 percent of the built space, is in Brooklyn, with Bronx next at 41 percent of the space.
The PincusCo database currently indicates that Equity Resource Investments owned at least five commercial properties in New York City with 255,093 square feet and a city-determined market value of $28.3 million. (Market value is typically about 50% of actual value.) The portfolio has $9.7 million in debt, borrowed from Extra Space Storage Inc.. Within the portfolio, all identified are industrial properties. The bulk, or 52 percent of the built space, is in Brooklyn, with Bronx next at 48 percent of the space.

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