Blumenfeld Development Acquires Queens Self-Storage Buildings for $122M
By Rebecca Baird-Remba December 11, 2023 5:12 pm
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Long Island-based Blumenfeld Development Group has paid $122 million for a pair of self-storage properties in Flushing and Woodside, Queens, according to public records.
The development firm, headquartered in Syosset, N.Y., acquired the 159,000-square-foot 34-09 College Point Boulevard in western Flushing for $72 million, or $453 per square foot. In a second sale, Blumenfeld picked up the 102,056-square-foot 62-05 30th Avenue in Woodside for $50.6 million, or $496 per square foot, property records show.
The seller of both properties was LSC Development, a real estate developer in Barrington, Ill., which is making a tidy profit on the sale.
LSC purchased the Woodside site for $21 million in 2016 and the Flushing site for $9.4 million in 2017, according to property records. The self-storage facilities are also relatively new, constructed in 2019 and 2021, respectively, according to the Department of Buildings.
As part of the deal, Blumenfeld nailed down $84 million in financing from Argentic, an alternative lender headquartered in NoMad, city records show.
Both buildings are operated by LifeStorage, a real estate investment trust headquartered in upstate New York that specializes in self-storage.
Neither LSC nor Blumenfeld immediately returned requests for comment on the sale. It’s unclear who brokered the deal.
Blumenfeld also owns a number of retail and industrial properties in New York City and on Long Island, including SunVet Plaza in Holbrook, N.Y., East River Plaza and Gotham Plaza in East Harlem, and The Crossings at Southern in the Longwood neighborhood of the South Bronx.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
