Broadway Storage LLC has signed a new lease for 140,000 square feet of space in Midtown Manhattan representing the newest self storage project to be built in New York City. Located at 501 10th Ave at 38th Street in a building known as the DHL Building, Broadway Storage has committed to providing the first newly built state-of-the-art self storage facility in Manhattan in more than eight years.

Broadway Storage LLC principals Steve Schwartz and Jack Guttman are both experienced storage developers and are responsible for having developed several million square feet of unique self storage space throughout the country.

The new property, valued at over $50 million, to be branded Gotham Mini Storage, will be the most unique storage facility in Manhattan to date. Features never found before in self storage properties will include state-of-the-art climate controlled units, complete concierge services, full-service moving and storage, sales of packing supplies, temperature-controlled wine storage, custom-built storage lockers, antique storage in humidity-controlled spaces and long-term vehicle storage.

Emphasis will be on the Manhattan self storage customer who wants all the conveniences and accommodations available for them with minimum hassles. “Our goal is to be the only place for New Yorkers to store their valuables with confidence and we plan to make it so easy they just need to make a call to us and we will do all the work” said Jack Guttman.

“We have both built a total of 2 million square feet of self storage and our combined experience from all our previous projects has been used to design and build this new facility” said Steve Schwartz, partner.

Committed to providing the best value and the newest, most modern facility, the hours of operation will be extended and the design will be specifically geared to the Manhattan customer. Construction is well under way, and a grand opening is scheduled for October of this year. Gotham Mini Storage will be the first of several new facilities to be built by Broadway, which has a goal of building at least three new facilities a year until they have a 2-million-square-foot portfolio.

DHL was represented by Ned Burns and Anthony Lopresti of CBRE in this transaction.