Self-Storage Developer Pays $26M for Commercial Condos

Self-storage property developer Madison Development acquired an entire retail component at the base of residential condominiums at 262-272 Mott St. in Manhattan. Jocar Realty Co. was listed as the seller.
The transaction gives Madison Development nine commercial condos, totaling 10,444 square feet. Also included in the transaction was 17,000 square feet of below-grade self-storage.

Tenants include Rebecca Hossack Art Gallery, and Tai Rittichai Jewelry Store. The new owner plans upgrades to the self-storage component, known as Nolita Self Storage.

Adelaide Polsinelli and Mitchell Goldstick with Eastern Consolidated represented the seller. Jeremy Aidan with Venture Capital negotiated on behalf of Madison Development.

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