CubeSmart to Open 949-Unit Self-Storage Facility in Yonkers, New York
Why this matters
Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. New York continues to bifurcate sharply: trophy office leasing at record rents, commodity Class B in conversion discussions or court-supervised processes. Rent-stabilized multifamily remains supply-constrained and tightly held. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.
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On the RET wire
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YONKERS, N.Y. — CubeSmart will open a 949-unit self-storage facility in Yonkers, located north of New York City. New York-based Cayre Equities is developing the facility at 1060 Nepperhan Ave., and construction has no…
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