The Cushman & Wakefield Self Storage Advisory Group has been retained as exclusive advisors to offer for sale Brooklyn Self Storage (Extra Space managed).

This offering presents an extremely rare opportunity to acquire a newly developed, trophy self storage project in the highly sought-after New York City market. The Property comprises 74,642 rentable square feet spread across 1,120 virtually all climate-controlled self-storage units, of which 41 units totaling 6,400 RSF are scheduled for installation in the next few weeks. Additionally, the facility includes 20,375 rentable square feet spread across 728 climate controlled lockers. The Property is currently operational under a Temporary Certificate of Occupancy (TCO), allowing the Property to start its lease-up while final build-out is completed. Located in a high-barrier-to-entry submarket with rental rates approaching $40 per square foot, the Property benefits from minimal existing competition and virtually no new supply. With the recent elimination of the ICAP tax abatement for self-storage developments in NYC, the barriers to new supply have grown significantly – making high-quality existing assets like this project even more valuable and difficult to replicate.

As of August 2025, the Property was 36.1% occupied with in-place rents of $18.85, including lockers. Based on Extra Space’s projections, the store is expected to reach 93% occupancy within 36 months and economically stabilize within 48 months with in-place rents between $37.50 to $39.00 per occupied square foot. This is consistent with Cushman & Wakefield’s rental rate survey which suggest rates are around $38.50 today. The combination of very high population density, limited existing supply and no development pipeline, an in-place 25-year ICAP benefit and very strong current market rents, offers a potential investor an unmatched opportunity in a core, East Coast market.

The Property is located in the heart of New York City’s densely populated urban core. The 1-mile trade area surrounding the site encompasses one of the most concentrated consumer bases in the county, with exceptional demand drivers and limited supply of modern self storage facilities. Brooklyn is home to over 2.7 million residents and is characterized by high barriers to entry, strong rental rates and consistent occupancy across asset classes. This location benefits from immediate access to major thoroughfares including Fort Hamilton Parkway and the Prospect Expressway, providing connectivity to surrounding neighborhoods such as Borough Park, Kensington and Sunset Park. Within 1-mile of the site, the area exhibits a high concentration of existing and newly developed residential units, further intensifying demand for storage.