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09 Dec 2020

Neighbor Expands Commercial Real Estate Footprint, Adds New Self Storage Space to New York City


SALT LAKE CITY, Dec. 7, 2020 /PRNewswire/ -- Neighbor, the self storage marketplace disruptor, today announced they are inviting commercial property owners across New York City to list their vacant space as self storage on Neighbor's platform as an alternative way to cover mortgages and building expenses in lieu of traditional tenants__. In light of surging consumer demand, Neighbor is quickly adding new square footage to its platform and offering commercial landlords a lifeline to keep their lights on.

In 2020, self storage became an essential business and service for Americans. The $40B industry opened doors for people who wanted to temporarily relocate and allowed people to clear out a room for an office, home gym, Zoom school or a millennial returning home for quarantine. With facilities in major cities like New York operating at well over 90% occupancy, the existing self-storage supply can't possibly meet the skyrocketing demand.

As a result, Neighbor continues to expand its partnerships with commercial landlords, who are struggling to secure tenants by converting their commercial real estate into self-storage. Opening today, Neighbor is rolling out its first commercial space in New York City. In partnership with Bridgeton Holdings and Stuf, the owner and operators of the building in Neighbor's debut NYC commercial property, the ground floor of the mixed-use building in Brooklyn's Navy Yard (15 Vanderbilt) has been transformed into a self-storage center. Across the country, Neighbor is inviting residential and commercial property owners the opportunity to cover their mortgage and expenses in a temporary or permanent capacity by renting space on the peer-to-peer self-storage platform.

About Neighbor

Founded in 2017, Neighbor is a peer-to-peer self-storage company based in the Silicon Slopes of Lehi, Utah. The company connects people who have unused space in their garages, attics, basements and driveways to renters who are looking for affordable storage. Neighbor benefits renters by providing safer, more accessible storage for half the price of a traditional self-storage unit, while giving hosts the opportunity to earn thousands of dollars per year from their unused space. Neighbor's team helps keep the connection safe, easy and friendly and provides an unprecedented $25,000 renter guarantee for items stored and a $1 million host liability guarantee so that good neighbors everywhere can help each other out. In January 2020, Neighbor closed a $10 million Series A funding round led by Silicon Valley venture capital firm Andreessen Horowitz.

Thumbnail: Neighbor's first commercial conversion in Brooklyn NY.

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