2601 Veterans Road West | Equator Capital
PE firm reaches $70M ground lease deal for Staten Island self-storage project Equator Capital Management to develop 136K sf building 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-sto...