JV to Assemble Portfolio of 15 NY Self-Storage Facilities

NEW YORK CITY-A joint venture of locally based private equity investment firm the Athena Group LLC and newly formed venture Madison Development LLC has begun assembling a portfolio of 15 outer-borough self-storage facilities. Its first acquisition is a 50,000-sf warehouse property in Jamaica, Queens.

According to Madison Development principal Adam Gordon, the Jamaica property, located on Merrick Boulevard, will be completed by year’s end with the remainder of the properties slated to be acquired and built out in fairly short order. “We’re seeking to build our portfolio in the next three to five years,” Gordon tells GlobeSt.com. “We expect to develop approximately 15 facilities in the Metro New York area, primarily in the four boroughs, excluding Manhattan.” Gordon adds that the properties will be 50,000 to 100,000 sf each. The Queens facility has available FAR for expansion to 66,000 sf.

Real estate investment banking firm Sonnenblick-Goldman Co., based here, arranged the acquisition and redevelopment loan for the warehouse on behalf of Merrick Partners LLC. A West Coast-based thrift provided the financing. Details of the transaction have not been provided.