Storage Deluxe signs $105M refi with Deutsche Bank, Goldman Sachs for storage in Bushwick

Storage Deluxe through the entity Evergreen 105 LLC as borrower signed a refi loan with lender Deutsche Bank and Goldman Sachs valued at $105 million for the storage building (E7) at 105 Evergreen Avenue in Bushwick, Brooklyn.
The deal closed on September 11, 2025 and was recorded on September 18, 2025. The prior lender was PNC Bank which held debt that had an original loan amount of $57.4 million.The property has 145,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $724 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 owner bought the property on December 19, 2018, for $47 million. The signatory for Storage Deluxe was Nicholas S. Coslov . The signatory for Deutsche Bank and Goldman Sachs was Suraj Dash , Peter Castro , and Brandon Atkins .

The property

The industrial building in Bushwick has 145,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 315 feet and is 260 feet deep with a total lot size of 100,500 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 $22.3 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 received $50 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 $1 million on this tax lot.

The neighborhood

In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 1.8 times the average sales volume among other neighborhoods with $514.7 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Bushwick has had very little major development activity relative to other neighborhoods.It had 1.1 million 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. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the eight commercial properties representing 145,000 square feet of the 173,011 square feet. The two identified owners are Storage Deluxe and Eugene Lyubarsky.
On the tax block, there were three new building construction projects totaling 1,782 square feet. The largest is a 594 square-foot 69 building submitted by Joseph Busch with plans filed October 11, 2024 and it has not been permitted yet. The second largest is a 594 square-foot 69 building submitted by Joseph Busch with plans filed October 15, 2024 and it has not been permitted yet.

The majority, or 84 percent of the 173,011 square feet of built space are industrial buildings, with office buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Storage Deluxe owned at least eight commercial properties in New York City with 727,432 square feet and a city-determined market value of $90.9 million. (Market value is typically about 50% of actual value.) The portfolio has $199.1 million in debt, with top three lenders as Bank of Montreal, Truist Bank, and PNC Bank respectively. Within the portfolio, the bulk, or 91 percent of the 727,432 square feet of built space are industrial properties, with E7 properties next occupying 7 percent of the space. The bulk, or 53 percent of the built space, is in Brooklyn, with Queens next at 47 percent of the space.

Direct link to Acris document. link