New Self-Storage Facility Planned For Sunrise Highway in Copiague

LongIsland.com

Property was previously home to a bus company.

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A rendering of a self-storage facility that the company built in Patchogue. Photo: Safe N Lock Website.

Safe N Lock Self Storage is planning to construct a new self-storage facility on a lot on the north side of Sunrise Highway, just west of Court Street in Copiague. The company develops and manages self-storage facilities. It has 18 self-storage facilities in the New York City area, with two already on Long Island. They have eight projects under development including this one in Copiague.

 

Called a recession-proof asset class by commercial real estate experts, the construction of self-storage facilities across the country keeps plugging along. Bisnow reported that even in 2008 during the Great Recession, the sector produced returns of 5%, “even as every other asset class suffered.”

 

Basically, in good times, people acquire so much stuff they need extra storage space to put it. In bad, people downsize, and storage facilities are a less inexpensive place to store the junk you don’t want to get rid of.

 

Bisnow reported that more than 131,000,000-sq-ft of new self-storage space is planned and under construction nationwide. And there is about $1.6 billion square feet of self storage space in the U.S. currently.

 

“If all of that (131,000,000-sq-ft) comes online, it will represent roughly a 9% increase in the entire stock of U.S. self-storage space,” Bisnow reported.

 

According to storagecafe.com, about one third of all Americans use self-storage space.

 

Safe N Lock is planning to partially demolish the existing building and rebuild a 38,890-sq-ft, three-story self-storage facility. The existing building and a rear addition used to house a bus company.
 

The company develops self-storage facilities for the Life Storage brand, an international franchise.
 

Construction hasn’t started yet but a representative from the company said it will take about a year-and-a-half until the units are ready from the time developement begins.