Storage Deluxe Acquires Building in Bronx, New York

2,000 Unit Self Storage Facility Planned

NEW YORK, New York, June 18, 2001 -- Storage Deluxe, a Manhattan-based owner, developer and manager of self-storage facilities, announced today that it has acquired a 200,000 square foot building in the Bronx, New York. The property, located at 1880 Bartow Avenue, is strategically located in the heart of the Co-op City community and conveniently accessible from Interstate-95.

The building, which is currently vacant, will be transformed into a state-of-the-art, self-storage facility. Upon completion, the property will contain nearly 2,000 self-storage units. The facility will feature climate-controlled units as well as convenient storage lockers. The redevelopment work will begin immediately with an anticipated opening in fall of 2001.

Commenting on the acquisition, Steve Novenstein, Partner and Chief Development Officer for Storage Deluxe stated," We believe the purchase of this property is a very strategic acquisition for the company. The Co-op City community alone has a residential base of nearly 60,000 people. Our goal is to provide area residents and businesses with the most modern, convenient and highest quality self-storage product in the area."

In addition to the Bartow Avenue building, Storage Deluxe owns two additional storage facilities in the Bronx - a 1,300 unit building at 245 Fordham Road and a recently opened 1,100 unit facility located at 200 East 135th Street. The 135th Street property was a ground-up development project. The newly constructed facility is the first of its kind in the Bronx to provide street-level, drive-up access units. Other amenities include 24-hour access, free pick-up, a state-of-the-art security system, on-site management, climate controlled units and a fully equipped business center.

About Storage Deluxe

Storage Deluxe is a real estate company specializing in the acquisition, development, and management of self-storage properties. The company owns, has interest in, and manages six facilities containing over 600,000 square feet of storage space in the greater New York area. For more information, contact Steven Novenstein, Partner/Chief Operating Officer at (212) 309-8709.