StorageBlue pays $57M to American Self Storage for location in Rosebank, SI

StorageBlue Self Storage through the entity Storageblue Staten Island, LLC paid $57 million to American Real Estate Management and American Self Storage through the entity American Self-Storage Staten Island, LLC for the industrial building (E7) at 330 Tompkins Avenue in Rosebank, Staten Island.
The deal closed on May 27, 2022 and was recorded on September 6, 2022. The property has 215,365 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $264 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 signatories for American Real Estate Management and American Self Storage were Warren Diamond and John Del Monaco. The signatory for StorageBlue Self Storage was Alan Mruvka. In 2013, Jack Guttman as a partner in the owner entity sued Diamond and Del Monaco. The other partners, according to one of the suits, were David Brown, James Monaco, Patrick Gagliardi, Mickael Schwartz, Joseph Pinto, Grace Delmonaco, the Murry Mruvka Family Trust, Scott Diamond, Grace Geritano, and Melissa Witt.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer StorageBlue Self Storage had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller American Real Estate Management had not purchased any other properties and had not sold any properties over the same time period. The 215,365-square-foot property generated revenue of $1.9 million or $9 per square foot, according to the most recent income and expense figures.

The property

The 330 Tompkins Avenue parcel has frontage of 164 feet and is 330 feet deep with a total lot size of 89,798 square feet. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $9.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received one DOB violation, $9,375 in ECB penalties, and $9,375 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 $5 million on this tax lot.

The block

There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 215,365 square feet of built space are industrial buildings.

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