A vacant seven-story building at 37-19 Crescent Street was purchased by Tuck-It-Away for $6.1 million, where the storage company will run its first Queens facility, The Commercial Observer has learned.
Located between 37th and 38th avenues and just 5 blocks north of the Queensboro Bridge in Long Island city, the 47,000–square-foot, seven-story building, which sits on an 83’ by 105’ lot, will be well-positioned as a storage facility in a neighborhood experiencing significant residential and commercial real estate growth.
“It was a deal where the needs of the buyer and seller aligned perfectly,” said Alan Shmaruk of Soho-based The Manhattes Group, who represented the buyer and seller along with Michael Sherman. “Long Island City is developing at such a fast rate, so there’s a need for storage facilities to support the additional residential product that’s coming into the neighborhood.”
The previous owner, which Mr. Schmaruk would identify only as “19 Crescent Corp,” built the property in 2008, also with plans to run a storage center, but the plans for the project faltered with the economic downturn, leaving the building vacant until the company finally decided it was time to move on.
Because the property was built for usage as a self-storage facility, it features two loading docks, a heavy duty elevator and a state of the art climate control system.
Tuck-it-Away owns and operates 13 mini storage locations throughout Manhattan, The Bronx, Brooklyn, and New Jersey.
The Manhattes Group, a commercial brokerage firm with offices in SoHo, is active in retail, investment sales and commercial loft space throughout Manhattana and the borough. The firm handled the leasing at 511 West 25th Street prior to its recent purchase by Related Companies; and brought the interactive play Sleep No More to 530 West 27th Street.