The Hampshire Companies and its joint venture partner, Blumenfeld Development Group, announce the groundbreaking for their newest Extra Space Storage facility at 71 Jane Street in Roslyn Heights, N.Y. Projected for completion in the second quarter of 2022, the 691-unit building will be The Hampshire Companies’ 44th Extra Space Storage facility developed in the eastern United States.
Located in the heart of Nassau County, 71 Jane Street stands less than a mile from the Long Island Expressway and just twenty miles from New York City. The property’s location offers superior accessibility to the Tri-state area’s major population centers as well as Long Island’s rapidly growing suburbs. Despite its ideal location, the site’s former usage as a manufacturing facility and status as a New York State Brownfield Site caused it to fall into disrepair and was in need of significant remediation.
However, The Hampshire Companies were confident that their decades of experience in both self-storage development and environmental remediation would enable the company and its joint venture partner, Blumenfeld Development Group, to transform the blighted parcel of land into a state-of-the-art institutional-quality self-storage facility. Tapping into the favorable area demographics and underserved marketplace, the joint venture partners will fully remediate the long-vacant site and construct a 98,326-square-foot, 691-unit state-of-the-art self-storage facility to be managed by Extra Space Storage (NYSE: EXR), a leading self-storage REIT. Upon its completion in 2022, the property will be a valuable rateable for Roslyn Heights and will provide the hamlet and its surrounding towns with an easily accessible and in-demand community amenity.
“As prime development sites in the tri-state continue to dry up, the ability to execute redevelopment projects on challenging sites like 71 Jane Street will be crucial to finding success in this competitive market,” said John Durso, Chief Investment Officer for The Hampshire Companies. “Our time-tested strategic development platform and unparalleled experience in bringing institutional quality self-storage assets to high barrier to entry markets continue to make us uniquely positioned to operate in these difficult market conditions. We would like to thank Blumenfeld Development Group and Town of North Hempstead’s municipal leadership for sharing our vision for 71 Jane Street and we look forward to bringing this project to the market in 2022.”
The Hampshire Companies continues to assert its status as one of the nation’s leading self-storage developers. Since 2012, Hampshire has repositioned or developed 47 self-storage facilities with an aggregate value of over $600 million. Currently, The Hampshire Companies has four self-storage development projects underway across New Jersey and New York, aggregating $80 million in investments, and is targeting another four additional projects with an aggregate value of $68 million in the pipeline. Over the last year alone, Hampshire has delivered nine self-storage projects to markets spanning the east coast’s I-95 corridor.
Leveraging a cycle-tested and data-driven approach to self-storage development, The Hampshire Companies continues to bring institutional self-storage solutions to underserved, high barrier to entry markets across the eastern United States. The firm’s strategic partnerships with two of the nation’s leading self-storage operators, Extra Space and CubeSmart, further enhance its competitive edge and enable the company to continually deliver modern, in-demand assets to the market.
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
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About Blumenfeld Development Group
Blumenfeld Development Group, Ltd. (“BDG”) is a full-service real estate development firm with a development portfolio that features regionally significant projects, entertainment-based retail, multi-tenant office, medical office, industrial and multifamily-residential. BDG’s fully integrated team allows for seamless packaging of all services, including those related to leasing, acquisitions, property management, construction, permits and approvals, architectural and engineering design, and user operational planning. This holistic approach toward real estate has enabled BDG to prosper over its four-decade history. BDG brings a client-centered approach to every project. This fundamental tenet, when combined with a highly specialized team of real estate professionals, produces unparalleled levels of service. Over one hundred fifty years of combined experience in acquisitions has endowed the firm with an extraordinary sense of value. BDG employs over fifty people in three New York offices and controls approximately four million square feet of real estate.
R&J Strategic Communications