Fancy Apartment Rentals for Paris Olympics See Poor Demand and Price Cuts
Locals who’d hoped to turn a big profit by renting out their posh apartments are now slashing prices by 30%-60%.
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Locals who’d hoped to turn a big profit by renting out their posh apartments are now slashing prices by 30%-60%.
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Aug 17, 2021
Bloomberg News
,(Bloomberg) -- Edison Properties is working with Eastdil Secured to explore the sale of Manhattan Mini Storage, a business that has boomed in the pandemic.
Manhattan Mini Storage’s portfolio spans 56,000 units, or 3.1 million square feet, and its occupancy rate currently exceeds 95%, people with knowledge of the matter said. Founded in 1978, the company is estimated to have the largest market share of any storage provider in Manhattan, the people added.
The company could fetch more than $3 billion, one of the people said.
“The pandemic has only reinforced the importance and stability of these assets,” Jon Dario, chief operating officer of Edison Properties, said in an emailed statement.
Manhattan Mini Storage provides services to more than 150,000 New Yorkers each year at its 18 locations, all situated in Manhattan. The company “plays a critical role in the life of the space-starved New Yorker,” Roy March, CEO of Eastdil, said in an interview.
Eastdil is set to begin contacting qualified and prospective buyers including storage-focused real estate investment trusts, sovereign wealth funds and other institutional investors such as property-focused private equity firms, according to people with knowledge of the matter.
Manhattan Mini Storage is owned by more than 70 stakeholders including current and former employees, and is managed by Edison Properties, a holding company co-founded by the late Jerry Gottesman.
Demand for self-storage increased in the pandemic, while investors shifting away from malls and offices have targeted real estate assets perceived to provide resilient, stable returns -- including storage, student housing and data centers.
Earlier this year, Public Storage agreed to acquire EzStorage for $1.8 billion, some four months after the family-owned business began exploring a transaction. Last fall, Blackstone Real Estate Income Trust Inc. agreed to buy Simply Self Storage from Brookfield Asset Management Inc. for about $1.2 billion.
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