Storage Post pays $10M to Sofia Storage for parking lot in Washington Heights

Storage Post through the entity Storage Post/4388 Broadway, LLC paid $10 million to Sofia Storage through the entity T. J. F. Holding Corporation for the industrial building (G6) at 4388 Broadway in Washington Heights, Manhattan. The lot is adjacent to a storage property Storage Post bought from Sofia Storage for $10 million.
The deal closed on July 15, 2025 and was recorded on July 24, 2025. The property has zero square feet of built space and 26,457 square feet of additional air rights for a total buildable of 26,457 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $377 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 Sofia Storage was Amy Sofia . The signatory for Storage Post was William A. Palmer III . The contract date was April 30, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Storage Post purchased three properties in three transactions for a total of $100 million and has no record it sold any properties over the past 24 months.
The seller Sofia Storage had not purchased any other properties and sold three properties in three transactions for a total of $100 million over the same time period.

The property

The parcel has frontage of 73 feet and is 105 feet deep with a total lot size of 7,691 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $630,000.

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 Washington Heights, The bulk, or 45 percent of the 66 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Washington Heights has 1.3 times the average sales volume among other neighborhoods with $342.1 million in sales volume in the last two years and is the 26th highest in Manhattan. For development, Washington Heights has 1.2 times the average amount of major developments relative to other neighborhoods and is the 23rd highest in Manhattan. It had 1.7 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.

The block

On this tax block, PincusCo has identified the owners of 47 of the 88 commercial properties representing 1,793,683 square feet of the 2,638,389 square feet. The largest owner is Pinnacle Group, followed by Richard Eisenberg and then Gp Properties.
On the tax block, there were five new building construction projects totaling 284,464 square feet. The largest is a 123-unit, 135,361 square-foot residential (R-2) building submitted by Woody Victor with plans filed October 4, 2017 and it has not been permitted yet. The second largest is a 129-unit, 86,760 square-foot residential (R-2) building submitted by HAP Investments and filed by Eran Polack with plans filed May 8, 2018 and permitted August 20, 2019.

The majority, or 64 percent of the 2.6 million square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Sofia Storage owned at least one commercial property in New York City with 56,384 square feet and a city-determined market value of $9.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Storage Post owned at least 18 commercial properties in New York City with 1,431,217 square feet and a city-determined market value of $171.2 million. (Market value is typically about 50% of actual value.) The portfolio has $368.2 million in debt, with top three lenders as JPMorgan Chase, Heitman LLC, and Nuveen respectively. Within the portfolio, the bulk, or 100 percent of the 1,431,217 square feet of built space are industrial properties, with development properties next occupying 0 percent of the space. The bulk, or 33 percent of the built space, is in Brooklyn, with Bronx next at 32 percent of the space.

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