After news of its imminent facility in Bushwick, high-end art storage company UOVO seems to be making big moves to guarantee quick completion of the new branch. Last week, the company secured a $57 million loan from PNC Bank to fund part of UOVO: BROOKLYN’s new hefty makeover.
The company says it will be “contributing the remaining equity” of the $76 million renovation project at 105 Evergreen Avenue—that’s still a cool $19 million in self-funded expenses.
Terms of the loan agreement are being kept under wraps, but the company’s rapidly growing portfolio might have helped lock down the deal. UOVO, which specializes in safekeeping and art storage for museums and foundations, has amassed an impressive 650,000+ square feet of valuable storage space across New York City within four years. By itself, UOVO: BROOKLYN is a two-story 150,000-square-foot property in Bushwick.
According to The Real Deal, that breaks down to $313 per square foot. The company had also secured a partnership with the New York City Industrial Development Agency (NYCIDA), which helped provide incentives to make the deal with PNC Bank happen.
Despite a fall opening later this year, it looks like the company has already amassed a promising clientele ready to render services at the new Brooklyn branch.
“As a private company we keep our internal financials confidential, but we can say a number of [UOVO’s bespoke private room] leases have already been signed,” said Anne Maso, the company’s marketing and communications manager, in an email to Bushwick Daily.
Construction on the new facility commenced in January, and UOVO is currently purchasing key features like generators and freight elevators for installation at the property. Interior demolition is scheduled to be finished in a few weeks.
Cover image courtesy of UOVO.
