New York Based Developer, Blumenfeld, Expands Their Portfolio with Two Self-Storage Facilities in Flushing and Woodside

The recent purchase of two self-storage facilities in Flushing and Woodside, Queens, by the prominent Long Island-based Blumenfeld Development Group emphasizes the utility of self-storage and the potential profits in this real estate sector. According to the records, Blumenfeld purchased these properties for a staggering sum of $122 million.

The facilities are at 34-09 College Point Boulevard and 62-05 30th Avenue, respectively. The former was acquired for $72 million, while the latter fetched a price of $50.6 million. The previous owner, the Barrington, Ill-based LSC Development, witnessed a significant profit from this sale.

Additionally, Blumenfeld has acquired an $84 million fund from Argentic, confirming the alternative lender's continued trust in the company's real estate strategies.

The properties are presently managed by LifeStorage, an upstate New York-based real estate investment trust (REIT) specializing in self-storage. Besides these, Blumenfeld owns several retail and industrial properties across New York City and Long Island, verifying its strong presence in the real estate industry.

This update was brought to us by Rebecca Baird-Remba, a writer for the Commercial Observer.

"Could be Better If"

The post provides ample details about the transaction and relevant parties. However, it could provide more insights into the general market trends in the self-storage industry. In addition, some input on Blumenfeld's plans for these facilities or any changes they intend to implement would make it more informative. Furthermore, including more about Blumenfeld's past performance and successes would provide a more comprehensive understanding of the company. A quote from one of the stakeholders could also have added credibility and depth to the article.

🔒📚 Hi! I'm Eric Manning, a self-storage operations wizard and lifelong learner. 🗝️ My articles blend industry know-how with a dash of humor and wisdom. Whether you're a storage newbie or a pro, join me as we explore the world of storage, one witty insight at a time! 📦😊🔑