Storage Deluxe Acquires 110,000 SF Building On Brook Ave. in the Bronx, NY

NEW YORK, New York, August 28, 2003 -- Storage Deluxe, a Manhattan-based owner, developer and manager of self-storage facilities, announced today that it has acquired a 110,000 square foot building located at 395 Brook Avenue, Bronx, New York.

The three-story industrial building will be transformed into a state-of-the-art self-storage building. The property is conveniently located on Brook Avenue, a busy residential area and is in close proximity to Third Avenue, a major retail area in the South Bronx. Upon completion, the property will contain approximately 2,000 self-storage units. The features will include climate-controlled units, individual door alarms, video surveillance and a free pick up service.

With the purchase of the Brook Avenue building, Storage Deluxe now owns and manages four self-storage facilities in the Bronx, consisting of over 615,000 square feet and over 7,800 self-storage units. In addition, Storage Deluxe will add a fifth facility to its Bronx portfolio this fall.

Commenting on the acquisition, Steven Novenstein, Partner and Chief Development Officer stated, "We believe this acquisition provides us with a tremendous investment opportunity. Because of our strong track record in the Bronx, we are confident that through a redevelopment and expansion program, this facility will provide residents and businesses with the most modern, convenient and highest quality self-storage product in the area."

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.