JLL Capital Markets has successfully arranged a significant $47 million first mortgage loan for Storage Post East Village, a newly renovated, high-quality self-storage property located in Manhattan’s East Village.
Key Takeaways
- A $47 million first mortgage loan was secured for Storage Post East Village.
- The facility is described as being in an "undersupplied" market.
- The loan was provided by Nuveen Real Estate.
Premier Storage Asset in a Constrained Market
The financing underscores the strong fundamentals of a premier storage asset situated in Manhattan’s East Village, a submarket known for its limited residential supply. Senior managing director Steven Klein and senior director Robert Tonnessen of JLL represented the borrower, a subsidiary of Storage Post, LLC.
Nuveen Real Estate provided the loan, recognizing Storage Post’s successful repositioning of the facility and its promising growth potential. Klein highlighted that the financing reflects the asset’s quality and the market’s demand.
Facility Details and Occupancy
Storage Post East Village, located at 444 E. 10th St., was acquired by Storage Post and its equity partner Almanac Realty Investors in 2022. The building, originally constructed in 1928 as the Wheatsworth Building, has undergone a comprehensive modernization. It now offers 78,812 rentable square feet, comprising 1,959 fully climate-controlled units.
The facility is performing exceptionally well, with an occupancy rate of 91.2% as of 2025, further validating the investment and the demand for self-storage in the area.