Extra Space Storage and PGIM recently purchased a class “A” self storage property at 155 Empire Blvd in Brooklyn, NY as part of a joint venture project with LSC Development, which was responsible for obtaining entitlements and overseeing construction efforts for five properties as part of the agreement.
Located at the corner of Empire Blvd and Bedford Ave in the Crown Heights neighborhood, the four-story structure includes two basement levels and 1,556 self storage units with top-of-the-line features like climate control. It’s one of ten storage facilities that Extra Space Storage operates in Brooklyn.
What made this particular project so special is that LSC leaders Christopher Barry and Jean Jodoin—both of whom are highly experienced in the development of self storage facilities—were able to find creative workarounds with the city’s building height restrictions. By adding basement levels to the storage facility, with only four levels above grade, Barry and Jodoin gave Extra Space Storage the opportunity to provide more rentable square feet while also adhering to the city’s requirements.
Another unique aspect of this development project was the limitation on self storage construction in the area. New York City has made efforts to preserve and grow a strong manufacturing base, so the area around Empire Blvd and throughout other regions of the borough have been designated as industrial business zones, which mean special use permits are required for self storage projects. Fortunately, the facility at Empire Blvd was grandfathered in under prior zoning agreements, providing Extra Space Storage with competitive advantage in the area.
“This project is a good example of how Extra Space Storage is positioning its brand in New York City,” said Zach Dickens, Executive Vice President of Investments. “The contemporary design and updated features are a wonderful marketing tool and an example of the latest generation of storage.”