Sterling Equities Opens Long Island Storage Facility
The facility will operate under the CubeSmart brand.
Sterling Equities has opened its latest self storage facility in Farmingdale, N.Y. The 115,000-square-foot property will operate under the CubeSmart brand.
Construction for the development began early in 2024. In December of the previous year, the development became the subject of a $10 million loan issued by Valley National Bank, according to Yardi Matrix information. The gated property currently comprises nearly 1,000 climate-controlled units across a three-story building located on a 3-acre site at 505 Bi-County Blvd. Units range in size from 25 to 375 square feet.
Located about 40 miles east of Manhattan, the Farmingdale facility is in close proximity to both a Walmart Supercenter and Republic Airport. The property is one of nine available within a 3-mile radius, offering residents approximately 7 rentable square feet per capita, the same data provider shows.
There are several other properties on Long Island under CubeSmart’s management, in Bethpage, Plainview, North Babylon and Deer Park. As of April, there were three storage facilities under construction within the Long Island market, set to add 281,608 rentable square feet to the area.
March saw 3,191 self storage properties in all stages of development across the U.S., the latest Yardi Matrix report shows. Out of the total number, 734 were under construction, which made up 2.9 percent of the entire stock, marking no change from February of this year.
