Self-Storage – Ground Up Development, Lyndhurst, NJ
Construction of the building at 1 Terminal Rd, in Lyndhurst NJ marches forward despite difficult weather conditions. Installation of the exterior cladding of the building is nearly completed, while inside the building, installation of the self-storage units, mechanical systems, and elevators is making great progress. Overall construction progress is ahead of schedule, with the anticipated date of completion projected to June of 2021. Life Storage has been onboarded and has begun initial marketing efforts for the location. Click here
Multifamily Development, Bronx, NY
Asset Realty & Construction Group has closed on a $14.5M construction loan to construct a 12 story, 65 unit multifamily apartment building in the Bedford Park area of the Bronx. Construction for the project had started in mid-2020, despite the Covid-19 pandemic, and is well underway. At the present time, the building foundation is nearing completion and construction of the 12 story concrete superstructure is slated to commence in the coming weeks. The project has an estimated completion date of August 2022. Financing for the project was arranged by Progress Capital, and the lender is Investors Bank.
Self-Storage Development, North Bergen, NJ
This location is a development site presently in the pre-construction and entitlement phase. It is the future site of a 135,000 square foot Class A, climate controlled self-storage facility. Asset Realty and Construction Group, Inc., and its affiliates, will be entering into a strategic partnership with an established self-storage operator to develop and manage this facility. The property is within a Qualified Opportunity Zone (QOZ) and will provide use future opportunities for outside equity participation.
Event and Warehousing Space, Bronx, NY
A development site currently in the pre-construction phase, 3536 Peartree Avenue in the Bronx is the future site of a first-class event hall and a storage warehouse. The event hall will provide a useful benefit to the community, while the storage warehouse will meet an important need for the neighborhood.
In an all cash transaction, Asset Realty & Construction Group has purchased the property at 632-636 South Broadway in Yonkers. Although plans for the development have yet to be finalized, Asset intends to construct a 15 story, 200 unit multifamily building with approximately 250 parking spaces. The dwelling units will consist of a mix of studio, one bedroom, two bedroom, and three bedroom rental apartments and the building will feature an affordable housing component. Asset hopes to bring an asset to the community that will be the lowest cost provider of quality housing in the area.
Marketfair, North Carolina
Marketfair, North Carolina is a shopping/retail center located in Fayetteville, North Carolina, in close proximity to Fort Bragg, one of the largest military installations in the World. Marketfair is anchored by four major tenants, AMC Theaters, Planet Fitness, Gander Outdoors, and Lidl, an international supermarket chain, and features a mix of daily needs uses, restaurants, and health and personal care. Asset Realty acquired the Marketfair property from a developer who converted it from an indoor mall to an outdoor retail shopping center, investing $20M in capital improvements in the process. Marketfair is part of a long-term hold and value growth strategy within the Asset Realty portfolio.
Self Storage Facility Conversion
Originally constructed in 1991, this building existed as a commercial/industrial warehouse within the Tomassetti family portfolio. In 2015, Dino Tomassetti Jr. acquired control of the property and implemented a plan to convert the warehouse into a self-storage facility. Using his construction resources and experiences in the field of excavation and concrete, Tomassetti excavated a cellar to create additional square footage within the footprint of the existing building, added a new structural steel floor, upgraded the existing roof with new membrane and solar panels, and added new finishes and a storefront to convert the building to an 84,000 SF, 900 unit self-storage facility. The building was then integrated into the Storage Fox portfolio, carrying the Storage Fox brand and business operation.
Mixed Retail and Office – Brooklyn, NY
Anchored by Sheepshead Bay Marketplace, a staple of the local neighborhood in the heart of Brooklyn, 2558 East 18th St. is a retail/commercial office building which demonstrates the benefit of long-term real estate ownership. The property was incorporated into the portfolio over 30 years ago, and through alterations, constant improvements, solid credit tenancies, and steady appreciation of rents, the building has become an integral part of the Asset Realty portfolio. Other tenancies include or have included Verizon, the NYS Dept. of Labor, and Medical Office.
“The Beaches” Apartments, Rockaway Beach, NY
These two properties, 192 Beach 102nd St. and 2-15 Beach 101st St., were developed by, and are owned and operated by Asset Realty. Completed in 2013, these buildings offer a total of 54 attractive and spacious residential units within the up and coming beach community of the Rockaways. Rockaway Beach has undergone a renaissance in the wake of Superstorm Sandy, with public investment in infrastructure, the revitalization of the boardwalk, and the introduction and re-introduction of the Rockaway Ferry Service, allowing easy access to this once-hidden beach paradise.
The Residences at the Gemini, Rockaway Beach, NY
The Gemini is a mixed use residential, retail, and community facility building in the heart of Rockaway Beach, developed, owned, and operated by Asset Realty, was literally risen from the ashes of Superstorm Sandy. With 54 residential units, 4 commercial units, and public parking, the building was constructed to meet both a specific need for affordable housing in NYC, and a more general need for housing, retail, and community facility within the burgeoning neighborhood. With excellent access to public transportation and built along a major retail corridor within the community, the attractive building also offers public parking for summertime beachgoers alike.
Amazon Fulfillment Center, Mount Olive, NJ
This newly renovated warehouse building of approximately 130,000 square feet is subject to a long term triple net lease with Amazon, Inc. Located minutes from Interstate 80 and US Route 46, The building will serve as a “last mile” fulfillment center for Amazon.