Storage Post pays $51M to Abingdon Square for self-storage in Staten Island

Storage Post through the entity Storage Post/572-580 Richmond Terrace, LLC acquired an interest from Abingdon Square Partners through the entity 600 Rt LLC valued at $51 million for a self-storage building at 600 Richmond Terrace in New Brighton, Staten Island.
The deal closed on March 25, 2022 and was recorded on April 4, 2022. The property has 152,196 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $335 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 Abingdon Square Partners was Benjamin Atkins. The signatory for Storage Post was William A. Palmer, III. This is the seventh acquisition of the year nationally for Storage Post, according to a company press release

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Storage Post purchased two properties in New York City in one transactions for a total of $64 million and has no record it sold any properties over the past 24 months.
The seller Abingdon Square Partners had not purchased any other properties and had not sold any properties over the same time period.

The property

The 600 Richmond Terrace parcel has frontage of 223 feet and is 186 feet deep with a total lot size of 39,758 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 $4.4 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received one DOB violation and $1,200 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project for a 184,559-square-foot S-1 building. The project was developed by Abingdon Square with plans filed April 22, 2019 and permitted March 13, 2020.

The block

The majority, or 80 percent of the 258,279 square feet of built space are industrial buildings, with 1-4 family buildings next occupying 11 percent of the space.

The buyer

The PincusCo database currently indicates that Storage Post owned at least two commercial properties with 138,600 square feet and a city-determined market value of $20 million. (Market value is typically about 50% of actual value.) The portfolio has $48.8 million in debt, borrowed from JPMorgan Chase. Within the portfolio, all identified are industrial properties. They are all located in Bronx.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of N/A Richmond Terrace that occurred over the past 24 months.

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