305 E. 61st St. Located at 305 E. 61st St., the 11-story, approximately 65,886 square foot building has 358 individual storage lockers.

NEW YORK CITY—The area may be known more for posh homes but a storage facility on the Upper East Side has traded hands.

Located at 305 E. 61st St., between First and Second Avenues, the 11-story, approximately 65,886 square foot building was delivered fully vacant and equipped with 358 individual storage lockers.

It was sold for $40 million, reportedly by a joint venture between EMS Capital and Adam Gordon, according to an online industry data source. The identity of the buyer could not be obtained by GlobeSt.com by press time.

Bob Knakal, chairman, New York investment sales at Cushman & Wakefield along with Clint Olsen and Jonathan Hageman exclusively handled this transaction.

“Even though this property had some unique challenges due to the current zoning, we were able to secure a buyer who was able to pay a premium for the asset based upon the long-term upside potential,” says Knakal.

Prior to its vacancy, the property functioned as a luxury storage facility, specializing in the storage of fine art and high-value goods. Given its security infrastructure, which includes reinforced steel doors and independent temperature control features on select floors, the building is able to cater to a wide range of luxury storage needs.

The property also benefits from recent improvements that include upgraded plumbing and select mechanical systems.

The area boasts a shopping district to the west, medical facilities to the north, an emerging tech hub to the east at Cornell Tech on Roosevelt Island, and Midtown’s business district to the south.