HUBB NYC pays $54M to Adam America for two rentals in Boerum Hill

HUBB NYC paid $54 million to Adam America Real Estate for two rental buildings in Boerum Hill, Brooklyn, at 595 Baltic Avenue and 577 Baltic Avenue in two transactions.

In the larger, HUBB NYC through the entity 595 Baltic St LLC paid $40 million to Adam America Real Estate through the entity 595 Baltic Asset LLC (and others) for the 70-unit residential elevator building (D6) at 595 Baltic Street in Boerum Hill, Brooklyn. The expected use is cash flowing. The property is also known as 599 Baltic Street.
The deal closed on December 17, 2025 and was recorded on December 31, 2025. The property has 61,158 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $654 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.)

In the second, HUBB NYC through the entity 577 Baltic St LLC paid $14 million to Adam America Real Estate through the entity 577 Baltic Asset LLC (and others) for the 27-unit residential elevator building (D3) at 577 Baltic Street in Boerum Hill, Brooklyn. The expected use is cash flowing.
The deal closed on December 17, 2025 and was recorded on December 31, 2025. The property has 18,820 square feet of built space and 189 square feet of additional air rights for a total buildable of 18,999 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $743 and the price per buildable square foot is $736 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 acquisitions were financed with a loan of $29.7 million from JLL.

The signatory for Adam America Real Estate was Omri Sachs . The signatories for HUBB NYC were John P. McCarthy and Steve Dluzyn . The contract dates were August 29, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer HUBB NYC purchased three properties in three transactions for a total of $139.3 million and sold two properties in two transactions for a total of $16.9 million over the past 24 months.
The seller Adam America Real Estate had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Mike Malagic, head officer and Azem Aliji, site manager. The business entity is 595 Baltic Asset Llc. The 61,158-square-foot property generated revenue of $3.4 million or $56 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 70 residential units in Boerum Hill has 61,158 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 153 feet and is 100 feet deep with a total lot size of 15,367 square feet. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 2018 and expires in 2033. The city-designated market value for the property in 2022 is $18.7 million. The property has 70 rent regulated units according to city tax records from 2024.

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 five housing violations and $100 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 8, 2016. 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 five of the five commercial properties representing 334,585 square feet of the 334,585 square feet. The largest owner is Adam America Real Estate, followed by Omni New York and then Domenick Tonacchio.
On the tax block, there was one new building construction project filed totaling 6,758 square feet. It is a one-unit, 6,758 square-foot residential (R-3) building submitted by Kevin Britt with plans filed June 5, 2019 and it has not been permitted yet.

All properties are elevator.

The seller

The PincusCo database currently indicates that Adam America Real Estate owned at least four commercial properties with 198 residential units in New York City with 313,838 square feet and a city-determined market value of $78.7 million. (Market value is typically about 50% of actual value.) The portfolio has $348.8 million in debt, with top three lenders as Axos Bank, AIG, and MSD Partners respectively. Within the portfolio, the bulk, or 67 percent of the 313,838 square feet of built space are elevator properties, with D7 properties next occupying 33 percent of the space. The bulk, or 75 percent of the built space, is in Manhattan, with Brooklyn next at 25 percent of the space.

The buyer

The PincusCo database currently indicates that Hubb Nyc owned at least 57 commercial properties with 1,601 residential units in New York City with 1,245,784 square feet and a city-determined market value of $413 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 70 percent of the 1,245,784 square feet of built space are elevator properties, with walkup properties next occupying 27 percent of the space. The bulk, or 61 percent of the built space, is in Manhattan, with Brooklyn next at 39 percent of the space.

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