Storage Deluxe Opens New Facility in the Bronx, New York

NEW YORK, New York, January 8, 2002 -- Storage Deluxe, a Manhattan-based owner, developer and manager of self-storage facilities, announced today the opening of a new storage facility in the Bronx, New York. The property, located at 1880 Bartow Avenue, is strategically located in the heart of the Co-op City community, just off Interstate-95.

Storage Deluxe purchased the vacant 200,000 square foot building in June of 2001 and over the past six months has transformed it into a state-of-the-art, self-storage facility. The three-level building contains approximately 2,400 climate-controlled units ranging from convenient personal storage lockers to large 10 ft x 30 ft units. Other features include 24-hour access, free pick-up, individual door alarms, video surveillance, on-site management, moving and packing supplies.

Commenting on the opening, Steven Novenstein, Partner and Chief Operating Officer for Storage Deluxe stated, "Our goal in acquiring and redeveloping this property was to provide area residents and businesses with the most modern, convenient and highest quality self-storage product. The property's unique location on the heavily traveled Bartow Avenue and it's proximity to the Co-op City community, provides a large customer base which is generating strong rental demand. Leasing interest was exceptionally strong opening weekend and we are pleased with the current rental pace."

In addition to the Bartow Avenue property, 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. Phase II of the 135th Street development, scheduled to commence in February 2002, will provide an additional 1,200 storage units at this facility.

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.