Graybar Electric Company, Inc. – Reorganization of NY/NJ Real Estate

Over a decade of Corporate Services culminated in a reorganization of Graybar’s local New York & New Jersey real estate.  We disposed of a few locations through sales: Newark & North Brunswick, New Jersey.  Leases weren’t renewed in Hauppauge, Long Island & Parsippany, NJ.  We managed site selection and acquisition for the new Service Center in Carteret, New Jersey, totaling 136,250 RSF.  In addition, we established new office leases in Garden City, New York & Edison, New Jersey to facilitate the reorganization.  This led to the implementation of the final aspect of the plan, the sale of the obsolete warehouse in Long Island City, 21-15 Queens Plaza North.  The three (3) story building had inefficient ceiling heights and needed a freight elevator to move product, because the chute was no longer active.  However, the location was phenomenal, due to being in the immediate vicinity of to the Queensboro Bridge.  Storage Deluxe seeks locations that would be the first self-storage building viewed when entering a market.  This was ideal and they purchased the property for $18,250,000, demolished the existing facility and built a state-of-the-art 280,000 SF self-storage facility at the site.  Storage Deluxe was renamed UOVO, which represents self-storage for high-end art: https://uovo.art/.