Nuveen Real Estate Provides $47M Refi for Manhattan Self-Storage Property

Storage Post, a national self-storage operator and developer, has secured $47 million to refinance Storage Post East Village, a climate-controlled self-storage facility in Manhattan’s East Village, Commercial Observer can first report, 

Nuveen Real Estate provided the financing, while a JLL Capital Markets team of Steven Klein and Robert Tonnessen arranged the transaction. 

Klein noted in a statement that the Manhattan market is undersupplied for self-storage assets as there is currently an average of only 0.63 square feet of self-storage space within one square mile of the property, significantly below the national average of 6.32 square feet of self-storage space.

“Nuveen recognized Storage Post’s exceptional repositioning and the facility’s continued growth potential,” Klein added. 

Located at 444 East 10th Street in the East Village — a submarket that mixes residential with retail and features two universities, New York University and The New School — Storage Post East Village resides in the former Wheatsworth Building that opened in 1928. The facility spans more than 78,000 square feet and features 1,959 climate-controlled self-storage units. 

Storage Post and Almanac Realty Investors, a $500 million equity partner, acquired the facility in April 2022 from Keepers Self Storage in a $61 million deal. 

Since then, the joint venture has invested $8.6 million in capital improvements into the property, which now stands at 91.2 percent occupancy. 

Storage Post did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com.