Developer Want to Take Self Storage Where Self Storage Has Not Gone Before

Posted on Jan 14 2014 - 12:48am by Winnie Hsiu

Kids, if you ask Mom and Dad (or maybe Grandma and Grandpa) about the theme song to the Jefferson’s they will probably start humming something about moving on up/ to the top/ to a deluxe apartment in the sky. The concept was pretty simple—take something that is not normally found on the rich side of town and put it there.

In the series it was a dry cleaners; or at least the owner and his family (I don’t think they ever stated where the stores were located). If they were going to redo the series today, but wanted to go with something other than a dry cleaners there is one thing that would work; something that is not really found too often in upscale neighborhoods—a self storage facility.

If one developer has his way there will soon be a self storage facility in New York City that will be geared towards servicing the elite of the elite—billionaire’s row.

“It’s going to be a totally revolutionary brand of storage that will never have existed before,” Adam Gordon told The Real Deal. “This will be an extension of a personal closet or gallery space or wine storage, especially after what happened with Winecare Storage and that whole debacle. You could only pull this off with a unique piece of real estate on the Upper East Side.”

Gordon of Madison Development is teaming with EMS Capital to convert an 11-story building at 305 East 61st into a high-end self storage facility geared toward the luxury residential market on the East Side of the New York City along with art storage.

How high end could it be? The building itself cost $28 million—and it still has to be renovated!

“I think it’s brilliant,” said Michael Graves, a luxury residential broker at Douglas Elliman. “A lot of people like to rotate their art collections, for example. Most of the storage facilities that come inside these Upper East Side co-ops cannot handle the scope of what these collectors keep, whether it be wine, art or other valuables like jewelry.”

 Adam Gordon is the managing partner of Madison Development. Over the years he has made his name—and a fortune—by purchasing old buildings and converting them into self storage facilities. Many companies come to him to have him develop their properties in to self storage facilities.



Sources Used:

“Swanky self-storage biz aims to cater to billionaire’s row.” The Real Deal; 10 January 2014.

Madison Development LLC.