Neighbor Expands Commercial Real Estate Footprint, Adds New Self-Storage Space to New York City

SALT CITY, December 7, 2020 / PRNewswire / – Neighbor, the disruptor of the self-storage market, announced today that it is inviting commercial property owners New York City List their free space as self-storage on Neighbor’s platform as an alternative way of covering mortgage and construction costs instead of traditional tenants. With consumer demand rising, Neighbor is quickly adding space to its platform and offering commercial landlords a lifeline to keep the lights on.

First commercial remodel in Brooklyn – 15 Vanderbilt

Interior of the neighbor's commercial remodeling in San Francisco

Interior of the neighbor’s commercial remodeling in San Francisco

In 2020, self storage became a must-have business and service for Americans. The $ 40 billion industry opened doors for people planning to move temporarily, and allowed people to free up a space for an office, gym, Zoom school, or a millennial homecoming for quarantine. With facilities in big cities like new York With a utilization of well over 90%, the existing self-storage offer cannot possibly meet the exploding demand.

As a result, Neighbor continues to expand its partnerships with commercial landlords who are struggling to secure tenants by converting their commercial space into self-storage. Neighbor opened its first commercial space in today New York City. In partnership with Bridgeton Holdings and Stuf, the owner and operator of the building in Neighbors newest commercial property in NYC, the ground floor of the mixed-use building is located in Brooklyn Navy Yard (15 Vanderbilt) has been converted into a self-storage center. Across the country, Neighbor is inviting residential and commercial property owners to cover their mortgage and expenses temporarily or permanently by renting space on the peer-to-peer self-storage platform.

“At a time when space is very important, we have identified a perfect market opportunity to convert unused space – in houses, garages, driveways or vacant offices, retail stores and even parking lots – as turnkey self-storage solutions for consumers to use.” said Joseph Woodbury, CEO and Co-Founder of Neighbor. “Both business owners and homeowners are making hundreds or thousands of dollars in monthly income with Neighbor, providing much-needed stimulus funds that they can’t get from the federal government.”

Bridgeton Holdings CEO Atit Jariwala turned to the neighbor after a Brooklyn Restaurant tenants vacated during the pandemic. “With an uncertain economy and a steep rise in commercial vacancies in New York CityIt was very likely that this room could stand empty for the foreseeable future. When people saw the speed they grabbed ours on Neighbor in San Francisco Given the high demand for self-storage, we have found that it is a safe bet to repurpose the space and use that revenue to help cover building costs, “Jariwala said.

The latest property the investment firm has listed on Neighbor’s platform is a vacant floor in an office building in San Francisco The SoMA district achieved an 85% occupancy rate in less than three months.

2020 was a record breaking year for Neighbor. The platform’s traffic and reservations have increased more than 7 times since 2019. In order to accommodate the increasing activity on the platform, Neighbor has developed new functions with which hosts can evaluate their space more effectively and shorten the time to renting.

About the neighbor
Founded in 2017, Neighbor is a peer-to-peer self storage company based in the Silicon Slopes of Lehi, Utah. The company connects people who have unused space in their garages, attics, basements and driveways with tenants looking for affordable storage space. The neighbor benefits from tenants by providing more secure and accessible storage at half the price of a traditional self-storage unit, and the opportunity for hosts to make thousands of dollars a year on their unused space. The neighbor’s team help keep the connection safe, simple, and friendly, and provide an unparalleled one $ 25,000 Tenant guarantee for stored items and a $ 1 million Host liability guarantee so that good neighbors everywhere can help each other. in the January 2020, Neighbor closed a $ 10 Million Series A financing round led by Silicon Valley venture capital firm Andreessen Horowitz.

Learn more about Neighbor at neighbour.com.

SOURCE neighbor

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