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New York & Tri-State  |  May 30, 2024
Emily Fu
By: Emily Fu

WOREC, Thorofare Team Up on Tribeca Self-Storage Conversion 

White Oak Real Estate Capital (WOREC) and Thorofare Capital announced a $21.5 million two-year, floating rate senior loan for converting 78 Walker Street in Tribeca into a Class A self-storage facility. CSP Properties LLC will transform the eight-story building into a 300-unit, 30,540-square-foot climate-controlled facility managed by Public Storage. 

“The project is in a prime submarket for storage, and we believe this adaptive reuse will create significant value,” said Eric Tanjeloff, managing principal of WOREC. Lower Manhattan’s storage market is undersupplied by over 530,000 square feet within a one-mile radius, with an average occupancy rate exceeding 93%. 

“Self-storage has shown resiliency with stable cap rates and strong institutional demand in urban primary markets,” said Felix Gutnikov, principal at Thorofare. This deal marks the second collaboration between WOREC and Thorofare on a self-storage loan, following a $27.8 million financing to GoodFriend Storage in August 2023. 

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Felix Gutnikov

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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