Safeguard Self Storage pays $57.1M to Triangle Equities for in South Ozone Park

Safeguard Self Storage through the entity Ppf Ss 130-02 South Conduit Avenue, LLC paid $57.1 million to Triangle Equities through the entity South Conduit Property Owner LLC for the property at 130-02 South Conduit Avenue in South Ozone Park, Queens.
The deal closed on August 31, 2023 and was recorded on September 12, 2023. The property has 166,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $344 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 Triangle Equities was Joshua Weingarten. The signatory for Safeguard Self Storage was James Goonan. The contract date was June 17, 2022. This is one of the two storage condominium unit in a building, which was divided in 2022 into two commercial condo units. The larger, unit 2, has 166,000 square feet and the smaller has unit 1, has 164,000 square feet. In March 2023 Triangle Equities sold the other condominium unit, totaling 164,000 square feet for $124 million to another entity it is affiliated with.

Prior sales 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 Triangle Equities had not purchased any other properties and sold four properties in one transactions for a total of $32 million over the same time period.

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 block

On this tax block, PincusCo has identified the owners of one of the two commercial properties representing 296,210 square feet of the 387,910 square feet. The identified owner is Triangle Equities.
On the tax block, there was one new building construction project filed totaling 223,882 square feet. It is a 223,882 square-foot storage (S-1) building submitted by Triangle Equities and filed by Josh Weingarten with plans filed December 3, 2018 and permitted August 25, 2020.

The majority, or 76 percent of the 387,910 square feet of built space are industrial buildings, with specialty buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Triangle Equities owned at least five commercial properties in New York City with 546,193 square feet and a city-determined market value of $77.3 million. (Market value is typically about 50% of actual value.) The portfolio has $202.6 million in debt, with top three lenders as CIT Bank, H.I.G. Capital, and Provident Bank respectively. Within the portfolio, the bulk, or 54 percent of the 546,193 square feet of built space are industrial properties, with office properties next occupying 18 percent of the space. The bulk, or 86 percent of the built space, is in Queens, with Bronx next at 14 percent of the space.

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