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Self-Storage REIT CubeSmart announces the acquisition of Storage Deluxe facility in Coney Island, NY
The facility has been sold for $49M

February 9, 2016: CubeSmart, a publicly traded self-storage real estate investment trust and third-party management firm, announces the acquisition of a seven-story Storage Deluxe facility in Coney Island, NY.  The property has 139,000 square feet.

According to the source, Manhattan, NY- based Storage Deluxe purchased the property in July 2013 from the Brooklyn Union Gas Co. for $15 million. 

The two storage operators have a history of real estate deals. In 2011, CubeSmart acquired 21 Storage Deluxe facilities and a development site in the greater New York City area for $560 million. The portfolio contained about 1.6 million rentable square feet.

Storage Deluxe manages over 10 facilities in the New York area, including five in Queens. It lists six New York sites as future development properties on its website.

CubeSmart owns and operates over 674 self-storage facilities across the United States and its operating portfolio has over 41 million square feet.