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New York & Tri-State  + Downtown New York + New York  + Retail  | 
Manhattan Mini Storage 420 East 62nd Street Manhattan

Manhattan Mini Storage Trades for Reported $3 Billion

StorageMart, headquartered in Columbia, MO, said Friday it had agreed to acquire Manhattan Mini Storage (MMS) from Edison Properties. Although the purchase price wasn’t closed, published reports put it at $3 billion. 

The purchase of MMS includes the entirety of the company’s 18 self-storage real estate locations throughout Manhattan. Locally, StorageMart already operates two facilities in Brooklyn. 

Citigroup served as the exclusive financial advisor to StorageMart. Kirkland & Ellis LLP served as legal counsel to StorageMart. Eastdil Secured served as the exclusive financial advisor to MMS. 

Following the acquisition, StorageMart’s portfolio in the U.S., U.K. and Canada will exceed 20 million net rentable square feet of storage and more than 200,000 storage units worldwide. 

Bloomberg News reported in August that Edison Properties was exploring a sale of its MMS business and had hired Eastdil Secured to market the portfolio.

Pictured: The Manhattan Mini Storage location at 420 E. 62nd St. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition