The William Warren Group, owner of the StorQuest brand, has opened a 57,578-rentable-square-foot facility in Brooklyn, N.Y. The ground-up project marks the company’s second location in the borough. Santander Bank provided a $17.8 million construction loan in 2019, according to Yardi Matrix data.
Located at 155 King St., in the western part of the Red Hook neighborhood, the facility is part of a retail and industrial area some 3 miles from downtown Brooklyn. The three-story building offers climate-controlled units ranging from 25 to 400 square feet.
The other StorQuest facility in the borough offers 38,000 rentable square feet across a two-story building in Brownsville. The 1958-built property benefited from upgrades in 2020 which added climate-controlled options. The William Warren Group now owns and operates 10 facilities in New York.
Construction activity in the Empire State has been booming over the past months, as developers tried to keep up with high demand in one of the most underserved U.S. markets. In September, projects under construction accounted for 17.9 percent of existing stock, marking an 80-basis-point increase in activity compared to the previous month. The metro was second only to Philadelphia’s pipeline of 19.2 percent of existing inventory.
The market has also been active when it comes to transactions. Just recently, StorageMart acquired Manhattan Mini Storage, an 18-property portfolio. The buyer expanded its New York footprint by nearly 2.3 million square feet.