An affiliate company of investment-management firm Equator Capital Management has acquired an industrial property in Long Island City, N.Y., on which it intends to develop a self-storage facility. The project is expected to break ground before the end of March, and Extra Space Storage Inc., a self-storage real estate investment trust, will manage the facility, Equator Capital officials said in a press release.
The property at 29-01 Review Ave. comprises 143,700 buildable square feet. It once housed a 24,363-square-foot, single-story warehouse but was purchased vacant for an undisclosed amount.
The development site is on the northeast corner of Review Avenue and 29th Street, near the Long Island Expressway and Midtown Tunnel. “The project represents one of the largest ground-up climate-controlled facilities on the East Coast,” Equator Capital officials said.
Headquartered in Salt Lake City, Extra Space owns or operates 1,081 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 720,000 units and 80 million square feet of rentable space.
