JLL Capital Markets arranges $47M loan for trophy Manhattan storage facility

NEW YORK, Dec. 12, 2025 – JLL Capital Markets announced today that it has arranged a $47 million first mortgage loan for Storage Post East Village, a newly repositioned, Class A, climate-controlled, self-storage facility located at 444 East 10th St. in Manhattan’s East Village neighborhood. 

JLL represented the borrower, a wholly owned subsidiary of self-storage owner operator and developer Storage Post, LLC. The loan was provided by Nuveen Real Estate.

Situated in one of Manhattan’s most supply-constrained residential submarkets, Storage Post East Village was acquired by Storage Post and its equity partner Almanac Realty Investors in 2022. As of 2025, the location is 91.2% occupied.

Originally built in 1928 as the Wheatsworth Building, the landmarked building was comprehensively modernized with capital improvements totaling $8.6 million, including full climatization, upgraded electrical systems and lighting, new units, interior loading upgrades and full rebranding. Today, it comprises 78,812 rentable square feet across 1,959 fully climate-controlled units and ownership is planning further enhancements to add new premium storage units next to the loading dock.

The JLL Capital Markets team representing the borrower included Senior Managing Director Steven Klein and Senior Director Robert Tonnessen.

“This financing reflects the strong fundamentals of a premier storage asset in Manhattan's undersupplied East Village market,” said Klein. “Nuveen recognized Storage Post's exceptional repositioning and the facility's continued growth potential.”

According to JLL, with only 0.63 square feet of self-storage per capita within one mile of the property, compared to the national average of 6.32 square feet, demand for storage in the East Village far exceeds supply.

Storage Post East Village benefits from its location adjacent to the Jacob Riis Houses and within blocks of Stuyvesant Town–Peter Cooper Village, serving a dense population base where 81% of housing units are renter-occupied, a segment that exhibits high demand for self-storage. The area is further strengthened by proximity to seven universities — including NYU and The New School — within a two-mile radius.

JLL’s Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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