HUBB NYC borrows $47M from TIAA for purchase of rental in Williamsburg

Steve Dluzyn’s HUBB NYC through the entity 123 Hope Street LLC as borrower signed a loan agreement with lender Teachers Insurance and Annuity Association of America valued at $47 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 39 residential units at 123 Hope Street in Williamsburg. The deal closed on March 26, 2020 and was recorded on March 27, 2020.
The property contains a total of 35,113 square feet of built space. The property has 47,043 square feet of available development rights.
The average loan per unit is $1,205,128.
This is an acquisition loan. The prior debt, provided by Bank Leumi, was $62 million.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 136 residential (or hotel) units on August 6, 2018.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $5,000,000. Those filings sought to increase the number of residential units by 136 to 136 There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $966,040.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link