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Self-storage development in the dense New York City environment.

Madison Development LLC is a Manhattan-based developer of flagship self-storage projects. Madison's entrepreneurial approach, proprietary industry relationships, in-depth market knowledge and development expertise provide it with a unique ability to acquire and develop institutional quality self-storage facilities. Madison currently has over 700,000 square feet in development.

Focus

New York City development specialists with a track record of successful execution.

Focus

Madison focuses on developing self-storage properties in Bronx, Brooklyn, Manhattan, Queens and Staten Island.

The investment thesis reflects New York City's unique demographic and geographic landscape:

  • overwhelming population density
  • high occupancy rates
  • complex zoning
  • limited land supply
  • unique barriers to entry

In this context, self-storage is a pre-requisite to urban living, transitional life events and business storage.

Madison's two decade long track record of development spans residential, retail and self-storage projects, providing a competitive advantage in the New York market. A successful track record, transparent approach and development expertise allow us to source proprietary deal flow and appropriately assess sites.

Projects

Entrepreneurial spirit, institutional expertise, total transparency.

Projects

Completed projects range in size from 60,000 to 200,000 square feet. Individual storage units may average 60 square feet or less, so facilities are often comprised of over 1000+ units - diversifying risks for ownership. Self storage facilities typically require lower capital reserves and less hands on management. Rent is paid monthly and most customers visit facilities infrequently.

Representative Projects - Under Development

  • Rockaway Self Storage
    135,000 square feet
    1084 Rockaway Avenue
    Canarsie, Brooklyn

  • Astoria Self Storage
    175,000 square feet
    31-07 20th Avenue
    Astoria, Queens

  • Nolita Self Storage and Retail
    262 Mott Street
    Nolita, Manhattan

  • Park Avenue Self Storage
    138,000 square feet
    3350 Park Avenue
    Morrisania, Bronx

Representative Projects - Completed

  • Flatlands Avenue
    120,000 square feet
    120-15 Flatlands Avenue
    Canarsie, Brooklyn

  • Fulton Street
    60,000 square feet
    2696 Fulton Street
    East New York, Brooklyn

  • Merrick Boulevard
    66,000 square feet
    122-20 Merrick Blvd
    Springfield Gardens, Queens

  • West Farms Road Self Storage
    100,000 square feet
    1725 West Farms Road
    West Farms, Bronx

  • Wyckoff Avenue
    100,000 square feet
    1125 Wyckoff Avenue
    Ridgeway, Queens

  • Zerega Avenue
    113,000 square feet
    1037 Zerega Avenue
    Westchester Square, Bronx

  • Zerega Self Storage
    100,000 square feet
    1260 Zerega Avenue
    Westchester Square, Bronx

Madison is actively seeking acquisition sites throughout New York City that meet the following criteria:

  • Ground up development and existing buildings
  • Minimum of 50,000 square feet to maximum of 250,000 square feet
  • Fee simple and long term lease

Recent Press

Self-Storage Developer Picks Up Nine Nolita Retail Condos for $26M

press-observer

Madison Development, which develops self-storage properties in New York City, has nabbed the entire retail component at the base of a residential condominium in Nolita for $26 million. The deal closed on Aug. 10 and appeared in property records on Tuesday.

Read the Article

Madison Development seizes self-storage opportunity in NYC

press-sparefoot

Founded in 2001, Madison Development has close to 600,000 square feet of self-storage space under development across five institutional projects in the New York City area, including the city’s largest self-storage facility currently under construction: a 175,000-square-foot facility at 31-07 20th Avenue in Astoria, Queens.

Read the Article

Research Firm STR is tracking robust storage development in the Big Apple

Self Storage Association

New York City with its affluent residents, cramped apartments and a very active commercial real estate market is sporting one of the hottest self storage markets in the country.
By one estimate, New York City's five boroughs are set to add an estimated 3.5 million square feet of additional self storage space with 32 facilities under development; this according to research by STR.

Read the Article
Focus

Long-standing partnership with a platform for growth.

Team

Adam Gordon

Adam Gordon has been a developer for over 25 years. He has completed numerous storage projects with Madison, as well as many luxury residential projects in New York as Managing Member of Adam Gordon Holdings LLC. Mr. Gordon is married with two teenage sons. He holds an MBA from The Wharton School and a BA from the University of Michigan.

Stephen McKnight

Prior to his involvement with Madison, Mr. McKnight was a Market Officer for Storage USA, with development responsibilities in Long Island, Westchester County, Metro New York and New Jersey markets. Storage USA is now operating as Extra Space Storage. Prior to working with Storage USA, Mr. McKnight was a commercial real estate agent. He has over 20 years of experience in the self-storage market and real estate fields. Mr. McKnight is married with three sons.

Matthew Dicker

Matthew Dicker is a partner and the CFO of Madison. Prior to joining the company, Mr. Dicker was the Director of Canyon Capital Realty Advisors LLC and was actively involved in the origination of over $1.1 billion of debt and equity capital in real estate projects across the US. Prior to joining Canyon, Mr. Dicker was an investment banker at UBS and Lehman Brothers. Mr. Dicker is a graduate of the University of Pennsylvania and has a BA in International Relations.

Allan Horton RA

Allan Horton is a NYS registered architect and the Vice President of Development at Madison. Prior to joining the firm, Mr. Horton worked as an architect on domestic and international projects, across multiple sectors, for more than twelve years at award-winning architecture firms based in New York City. These firms include Davis Brody Bond, Kohn Pedersen Fox Associates and Beyer Blinder Belle. Mr. Horton is a graduate of the Pratt Institute (MArch I).

contact

We look forward to hearing from you.

Contact Us

Adam Gordon
Managing Partner
917 837 4147
adam@madisondevelopment.com

Stephen McKnight
Partner, Acquisitions
631 987 9509
steve@madisondevelopment.com

Matthew Dicker
Partner, CFO
310 490 0526
matt@madisondevelopment.com

Allan Horton
VP of Development
917 756 5720
allan@madisondevelopment.com

Paul Chung
Associate
847 809 4912
paul@madisondevelopment.com

Over
8.3 MILLION
people
RESIDE IN
NEW YORK CITY.

New York has
TWICE THE POPULATION
of Los Angeles.

NYC has more
people than
39 OF THE 50 U.S. STATES.

NYC comprises
OVER TWO-FIFTHS
of New York State's
ENTIRE POPULATION.

QUEENS
has more people than Houston, the
4TH LARGEST CITY
in the United States.

BROOKLYN'S
POPULATION
is twice that of Dallas, the
9TH LARGEST CITY
in the U.S.

TWO-THIRDS
of dwellings in New York are
RENTER-OCCUPIED,
over twice the national average.

THE BRONX,
at 1.4 million
people, is
MORE POPULOUS
than all of Phoenix.

EVERY BOROUGH
alone contains
more than a
MILLION
people.

83.6%
of housing units are in
MULTI-UNIT
dwellings across the city.

New York has the
HIGHEST POPULATION DENSITY
of any major city in the U.S., with over
27,000 PEOPLE PER SQUARE MILE.