CubeSmart Investor Presentation Deck
Limitations on Future Supply in NYC Boroughs
Recent ICAP & IBZ restrictions make it extremely difficult to develop storage in NYC
IBZ Restrictions
New ICAP Restrictions
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In 2017, NYC passed a zoning amendment that required a
special permit for self-storage to be built in the Industrial
Business Zones (IBZs)
The IBZs reduced the land that was previously zoned by-
right for storage by 49% ¹
NYC recently excluded all self-storage development from
eligibility under the Industrial & Commercial Abatement
Program (ICAP) for all new projects that didn't have final
permits as of July 1st 2020 (ICAP remains available for all
other product types)
The ICAP provides property tax abatements from 10-25
years on the value of all improvements
These abatements are critical for attractive returns on
development in the boroughs given high land cost
17 CUBESMART
1. Source: New York City Department of City Planning
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