Davis’ self-storage strategy is driven by identifying markets and locations that are undersupplied based on population growth and available quality self-storage facilities existing in the market. Manhattan – already considerably undersupplied relative to population density – was experiencing reductions in existing supply, due to conversion of storage properties to large-scale, mixed-use development.
There are no competing self-storage properties within a half-mile of Manhattan’s Chelsea neighborhood and there has been significant residential development in Chelsea, bolstering demand for self-storage in a neighborhood where multi-family occupancy levels are above 90%.
Execution
We acquired a low-quality, three-story office and retail property in an off-market transaction from two tenant-in-common (“TIC”) owners to develop a new state of the art, 143,743-square-foot, 17-story self-storage facility on W. 29th St. in the Chelsea neighborhood of Manhattan.
This Class-A self-storage facility offers users drive-in loading and climate-controlled storage. Features include secured and covered loading, electronic access control, security cameras and monitoring, motion-sensor lighting, individual unit door alarms, and a comprehensive sprinkler system.
Demolition of the existing structures was completed in June 2021, with site work beginning in August. The new project delivered in June 2023.
