Storage Post signs $152M refi with Wells Fargo for storage in Brooklyn, Queens, Bronx

Storage Post signed a $152 million refinance with Wells Fargo for storage properties in Brooklyn, Queens and the Bronx in six separate transactions. The prior debt for these buildings was $128.57 million from JPMorgan Chase.

In the largest, Storage Post through the entity Sp Hhf Sub Brooklyn LLC as borrower signed a refi loan with lender Wells Fargo through the entity Wells Fargo Bank, National Association valued at $56.5 million for the industrial building (E7) at 35 Ryerson Street in Clinton Hill, Brooklyn.
The deal closed on December 1, 2025 and was recorded on December 16, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $54.3 million.The property has 280,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $201 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 June 11, 2015, for $9.4 million. The signatory for Storage Post was William A. Palmer III . The signatory for Wells Fargo was Nicole Jurkash .
The other buildings are 30-28 Starr Avenue, 48-05 Metropolitan Avenue, 3329 Atlantic Avenue, 257R Euclid Avenue, 279 Euclid Avenue, 112 Bruckner Boulevard and 979 Brook Avenue.

Prior sales and revenue

The 280,000-square-foot property generated revenue of $7 million or $25 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Clinton Hill has 280,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 173 feet and is 202 feet deep with a total lot size of 34,946 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 $30.4 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 two DOB violations, $12,300 in ECB penalties, and $12,300 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 Clinton Hill, The bulk, or 34 percent of the 10.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Clinton Hill has 1.3 times the average sales volume among other neighborhoods with $385.3 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, Clinton Hill has had very little major development activity relative to other neighborhoods.It had 206,396 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the six commercial properties representing 649,595 square feet of the 649,595 square feet. The largest owner is Storage Post, followed by Joseph Torres and then Sela Group.
On the tax block, there was one new building construction project filed totaling 17,394 square feet. It is a 17,394 square-foot business (B) building submitted by Daniel Cobleigh with plans filed December 31, 2015 and permitted August 5, 2021.

The majority, or 100 percent of the 649,595 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Storage Post owned at least 19 commercial properties in New York City with 1,431,217 square feet and a city-determined market value of $171.7 million. (Market value is typically about 50% of actual value.) The portfolio has $423.2 million in debt, with top three lenders as JPMorgan Chase, Nuveen, and Heitman LLC 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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