Queens Self Storage

The Carlyle Group has acquired a Queens self-storage facility, part of a $110 million deal involving four properties. They purchased the Life Storage building at 87-16 121st Street from a joint venture between SNL Holdings and Equity Resource Investments for $50.3 million, significantly higher than the 2018 purchase price of $11 million. Carlyle also acquired three Brooklyn self-storage facilities from the same joint venture. Self-storage in NYC’s outer boroughs has surged, driven by pandemic-related moves and a tight housing market. Heitman, another investment firm, bought a Brooklyn self-storage facility from the joint venture for $47 million.