The public company Extra Space Storage pays $23M to LSC Development for new storage building in Crown Heights

The public company Extra Space Storage Inc. through the entity NYC Self Storage Empire, LLC paid LSC Development, LLC’s 155 Empire Holdings LLC $22.8 million for 155 Empire Boulevard in Crown Heights. The deal closed on December 6, 2019, and was recorded on December 13, 2019. The transaction consists of 1 parcel, including the tax class warehouse or self storage (E7). The property is 62,490 square feet. The parcel(s) have total development potential of 62,490 square feet.
The average sale price per square foot is $366.
The estimated cap rate is 2.9%
Extra Space signed a contract to buy the property nearly four years ago, on February 10, 2016. The last time the property sold — at the time a gas station — was June 6, 2014, for $4.85 million in two transactions.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on November 15, 2019.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 32,000 square feet. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link