Storage Post pays $30M to Sofia Storage for storage in Prospect Heights

Storage Post through the entity Storage Post/491 Bergen Street, LLC paid $30 million to Sofia Storage through the entity 491 Bergen St. Corp. for the industrial building (E1) at 491 Bergen Street in Prospect Heights, Brooklyn. The expected use is cash flowing.
The deal closed on July 15, 2025 and was recorded on July 23, 2025. The property has 74,400 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $403 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 two properties in two transactions for a total of $70 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 two properties in two transactions for a total of $70 million over the same time period. The 74,400-square-foot property generated revenue of $873,456 or $12 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Prospect Heights has 74,400 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 126 feet deep with a total lot size of 15,120 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5 million.

Violations and lawsuits

The property was involved in one lawsuit and one bankruptcy over the past two years. The suit was a $57 million money judgment concerning a partnership filed on October 25, 2024, by Estate of Frank Sofia against John Sofia, Leonard Sofia, and Amy Rosina Sofia. The bankruptcy was filed on January 22, 2025, by John Sofia, Leonard Sofia, and Amy Rosina Sofia citing assets of $57 million. 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 Prospect Heights, The bulk, or 49 percent of the 7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Prospect Heights has had very little sales volume relative to other neighborhoods with $218.5 million in sales volume in the last two years. For development, Prospect Heights has had very little major development activity relative to other neighborhoods.It had 326,488 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 nine of the 24 commercial properties representing 155,191 square feet of the 251,382 square feet. The largest owner is New York Police Department, followed by Sofia Storage and then Gilman Management.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 251,382 square feet of built space are walkup buildings, with industrial buildings next occupying 30 percent of the space.

The seller

The PincusCo database currently indicates that Sofia Storage owned at least two commercial properties in New York City with 130,784 square feet and a city-determined market value of $13.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. The bulk, or 57 percent of the built space, is in Brooklyn, with Manhattan next at 43 percent of the space.

The buyer

The PincusCo database currently indicates that Storage Post owned at least 17 commercial properties in New York City with 1,356,817 square feet and a city-determined market value of $166.8 million. (Market value is typically about 50% of actual value.) The portfolio has $350.9 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 1,356,817 square feet of built space are industrial properties, with development properties next occupying 0 percent of the space. The bulk, or 34 percent of the built space, is in Bronx, with Brooklyn next at 30 percent of the space.

Direct link to Acris document. link