Storage Deluxe Acquires 2887 Atlantic Ave., Brooklyn NY - A 90,000 SF Building

1,400 Unit Self-Storage Facility Planned

NEW YORK, New York, November 3, 2003 -- Storage Deluxe, a Manhattan-based owner, developer and manager of self-storage facilities, announced today that it has acquired 2887 Atlantic Avenue, Brooklyn, New York, a 90,000 square foot building. The five-story industrial building will be transformed into a state-of-the-art self-storage facility. The property has tremendous visibility and access on Atlantic Avenue, a six lane road, and is in close proximity to Starrett City, one of the largest federally funded housing complexes in the country. Upon completion, the property will contain approximately 1,400 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 2887 Atlantic Avenue, Storage Deluxe now owns, has interest in, and manages eight facilities containing over 1,000,000 square feet of storage space and over 12,000 self-storage units in the greater New York area. In addition, Storage Deluxe will add a ninth facility to its portfolio this winter.

Commenting on the acquisition, Steven Novenstein, Partner and Chief Development Officer stated, "The Company has been very successful in the Bronx, Westchester and Long Island, and we are very excited about developing our first self-storage facility in Brooklyn. Our goal continues to be developing 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.