$50M storage deal signed at DHL Building
Broadway Storage LLC has signed a new lease for 140,000 s/f of space in midtown Manhattan representing the newest self storage project to be built in New York City.
Located at 501 Tenth Ave at 38th Street and Tenth Avenue, in a building known as the DHL Building, Broadway Storage has committed to providing the first newly built “state of the art” self storage facility in Manhattan in over eight years.
Broadway Storage LLC principals Steve Schwartz and Jack Guttman have developed several million square feet of self storage space throughout the country.
The new property, valued at over $50 million, to be branded Gotham Mini Storage, will be the most unique storage facility in Manhattan to date.
Features will include state of the art climate control, concierge services, full service moving and storage, sales of packing supplies, temperature controlled wine storage, custom built storage lockers, antique storage in humidity controlled spaces, and long term vehicle storage.
Emphasis will be on the Manhattan customer who wants all the conveniences and accommodations available for them with minimum hassles. “Our goal is to be the only place for New Yorkers to store their valuables with confidence and we plan to make it so easy they just need to make a call to us and we will do all the work,” said Jack Guttman.
Construction is well under way and a grand opening is scheduled for October of this year. Gotham Mini Storage located at 501 Tenth Ave will be the first of several new facilities to be built by Broadway, which is planning at least three new facilities a year until they have a two million square foot portfolio.
DHL was represented by Ned Burns, John Nugent and Anthony Lopresti of CBRE in the transaction.
“This transaction faced a significant number of challenges that were overcome only by the hard work of all parties involved,” said Lopresti. “Everyone understood the value and benefits of this project for both DHL and Broadway Storage.
“We are happy to have secured a subtenant with a long history of successful projects in such a challenging environment.”
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