HUBB NYC pays $116.2M to Greystar for two rentals in Williamsburg

HUBB NYC through the entity 247 N 7th St LLC paid $116.2 million to Greystar through the entity GS 247 N7th Williamsburg Property Owner, LLC for the 104-unit rental (D3) at 246 North 8th Street in Williamsburg, Brooklyn and the 65-unit rental (D3) at 255 North 7th Street in Williamsburg, Brooklyn.
The deal closed on December 16, 2021 and was recorded on December 30, 2021.
HUBB NYC signed a $66.1 acquisition loan with M&T Bank to fund the purchase.
Prior to this acquisition, HUBB NYC had purchased $430 million in New York City since July 2019.

The two properties have 151,766 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $765 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Greystar was A. Joshua Carper. The signatory for HUBB NYC was John P. McCarthy and Jesse Terry.
(320487157)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 104 residential units on December 29, 2015. (320487157) Plans for a 104-unit, 71,195 square-foot R-2 were filed on June 4, 2012 and were permitted on December 27, 2013.
The Real Deal reports this is the most expensive multifamily deal in Williamsburg since January of 2020. HUBB NYC is located at the same address as buyer LLC. Greystar is located at the same address as seller LLC. 
The former owners according to the Department of Housing Preservation and Development includes John Samela, head officer and Frankie Alvarez, site manager. The business entities were Greystar Real Esate and Gs 247 N7th Williamsburg Property Owner, Llc.

Within a 400-foot radius of 246 North 8th Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on July 9, 2021 for the $984,100 renovation of 7,979-square-foot R-2 building with nine residential units at 257 North 7th Street.
One of those seven items was a sale which The Collective bought the 0-square-foot, two-unit hotel (HH) on 292 North 8th Street and two other properties for $41.4 million from DBI Projects on December 19, 2019.
Of those seven items, five were loans above $5 million totaling $137.6 million. The most recent of the five was Investmates Real Estate which borrowed $7.8 million from Northwind Group secured by the 13,425-square-foot, 10-unit rental (D1) on 256 North 9th Street on December 8, 2021.

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