2601 Veterans Road West | Equator Capital


Rendering of a planned self-storage building at 2601 Veterans Road West

UPDATED, Aug. 15, 6:08 p.m.: Private equity firm Equator Capital Management signed a 99-year, $70 million ground lease for a development site in Staten Island and plans to build a 136,000-square-foot self-storage building.

The $70 million price tag is the aggregate value of annual rent payments for the entire term of the lease, according to Pure Properties Commercial Division’s Eugene Rivera, who brokered the deal. The landlord of the two-acre property at 2601 Veterans Road West is A. Tranchina Incorporated, a seller of construction materials.

Brooklyn-based Equator, founded by Douglaston Development veteran Mehul Patel, in 2015 acquired a development site at 29-01 Review Avenue in Long Island City, where it developed a 143,000-square-foot self-storage building.

Self-storage has become a booming business in recent years, as ballooning rents forced more New Yorkers to squeeze into smaller apartments.

Pure Properties, founded in 2016, is the U.S. brokerage arm of the Australian investment management firm Dixon Advisory.

Correction: According to Rivera the $70 million figure refers to the aggregate value of annual rent payments over the full term of the lease, not the net present value as previously reported.

Comments

Post a Comment

Popular posts from this blog

LAW & DISORDER: Police charge man in fatal shooting

A Jacksonville man has been arrested in the shooting death of Ulysesse Griffin, 20, whose body was found at 12:30 a.m. Wednesday in an apartment parking lot in the 4500 block of Lexington Avenue. Musa Bilal Abraham , 20, who lived at the Baywood Apartments where the shooting occurred, turned himself in to police Thursday and was charged with murder, Lt. Rick Graham said. Griffin lived in the 4400 block of St. Johns Avenue, Jacksonville. A witness told police Abraham talked about the shooting shortly after arguing with Griffin. Police recovered a small-caliber pistol from Abraham's apartment. Griffin died at Shands Jacksonville about two hours after the shooting. MURDER SENTENCING: A Jacksonville man was sentenced to 40 years in prison yesterday for beating to death a relative for her truck. Circuit Judge Waddell Wallace sentenced Steven Tinnie , 21, who had already pleaded guilty to the second-degree murder of 35-year-old Theresa Bulzone. The murder occurred in May at a wooded
Read more

Grand Prairie, TX Real Estate & Homes for Sale

Grand Prairie is a city in Dallas County, Tarrant County, and Ellis County, Texas. It is part of the Mid-Cities region in the DallasFort Worth metroplex . Meeting new people and forming new friendships is easy in Grand Prairie as there are some great options for nighttime entertainment. If you are into the arts, you're in luck with the number of venues such as music halls, performing arts spots and cinemas here displaying ever-changing exhibits and productions. Jump start your fun here here after work and on weekends thanks to the wide variety of activities that you can partake in such as skating, playing at the park and swimming. All of the restaurants in this city feature a house specialty that is a must-try and with so many around, such as Vietnamese, fish & chips and fast food, you will have a hard time choosing which one to eat at first. Research data indicates that this vicinity is usually not dangerous, as the crime rate is low. If you're young in spirit or age, yo
Read more

The ghost estates that still haunt Ireland

Image
A decade after the crash, Shannon Valley housing estate , on the outskirts of Ballaghaderreen, in Co Roscommon, remains unfinished and partly in ruins. Although the number of “ unfinished housing developments ” has fallen sharply since 2010, Shannon Valley is one of hundreds that still dot the country. The Guls: ‘Every day I put rats in the bin’ Fatima Gul says her little brother, Yousaf, doesn’t like the rats. He jumps up on the sofa or the table in the living room when they come into the house. Their parents don’t allow Fatimar, who is 10, or her nine-year-old sister, Maryam, or Yousaf and his twin, Zohra, who are five, to play near the houses on the other side of their green. It’s too close to the rats and the rubble. Shannon Valley “ ghost estate ” outside Ballaghaderreen, Co Roscommon. Photograph: Simon Carswell" height="349" src="https://www.irishtimes.com/polopoly_fs/1.3181475!/image/image.jpg_gen/derivatives/landscape_620/image.jpg" width="620&q
Read more