HUBB NYC pays $20.3M to City Urban Realty for 26-unit rental in Vinegar Hill

HUBB NYC through the entity 260 Water St LLC paid $20.3 million to City Urban Realty through the entity Water Street Tic 2 LLC for the 26-unit residential elevator building (D1) at 254-268 Water Street in Vinegar Hill, Brooklyn. The expected use is cash flowing.
The deal closed on August 7, 2025 and was recorded on September 2, 2025. The property has 28,358 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $715 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 seller bought the property on September 19, 2019, for $15 million. The signatory for City Urban Realty was Michael Alvandi . The signatory for HUBB NYC was John P. McCarthy and Steve Dluzyn . The contract date was June 13, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer HUBB NYC purchased one property in one transaction for a total of $34 million and sold one property in one transaction for a total of $12 million over the past 24 months.
The seller City Urban Realty purchased six properties in five transactions for a total of $89.2 million and sold four properties in four transactions for a total of $66.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Michael Alvandi, head officer and Yossi Z, site manager. The business entity is Water Street Ventures Llc. The 28,358-square-foot property generated revenue of $984,590 or $35 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 26 residential units in Vinegar Hill has 28,358 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 123 feet and is 100 feet deep with a total lot size of 12,400 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.7 million. Signature Bank on September 19, 2019 bought a loan with an original principal of from signed by Michael Alvandi, secured by 254-268 Water Street, when owned by City Urban Realty. The property has 3 rent regulated units according to city tax records from 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $50 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the six commercial properties representing 254,760 square feet of the 254,760 square feet. The largest owner is Pearl Realty Management, followed by Meir Moore Inc. and then Cw Realty Group.
On the tax block, there were four new building construction projects totaling 14,146 square feet. The largest is a one-unit, 3,799 square-foot residential (R-3) building submitted by Jack Guttman 53 with plans filed August 21, 2018 and it has not been permitted yet. The second largest is a one-unit, 3,692 square-foot residential (R-3) building submitted by Jack Guttman 53 with plans filed August 21, 2018 and it has not been permitted yet.

The majority, or 64 percent of the 254,760 square feet of built space are office buildings, with elevator buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that City Urban Realty owned at least 10 commercial properties with 173 residential units in New York City with 179,515 square feet and a city-determined market value of $38.7 million. (Market value is typically about 50% of actual value.) The portfolio has $69 million in debt, with top three lenders as Israel Discount Bank, Northeast Bank, and Signature Bank respectively. Within the portfolio, the bulk, or 54 percent of the 179,515 square feet of built space are elevator properties, with walkup properties next occupying 27 percent of the space. The bulk, or 79 percent of the built space, is in Manhattan, with Brooklyn next at 21 percent of the space.

The buyer

The PincusCo database currently indicates that Hubb Nyc owned at least 54 commercial properties with 1,462 residential units in New York City with 1,062,196 square feet and a city-determined market value of $368.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 67 percent of the 1,062,196 square feet of built space are elevator properties, with walkup properties next occupying 32 percent of the space. The bulk, or 70 percent of the built space, is in Manhattan, with Brooklyn next at 30 percent of the space.

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