HUBB NYC pays $85M to Carlyle Group for 105-unit rental in DUMBO

HUBB NYC through the entity 181 Front St LLC paid $85 million to Carlyle Group through the entity 177 Front Property Owner, L.L.C. for the 105-unit residential elevator building (D6) at 177-183 Front Street in DUMBO, Brooklyn. The expected use is cash flowing.
The deal closed on November 5, 2025 and was recorded on November 13, 2025. The property has 136,730 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $621 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 May 13, 2014, for $21.4 million. The signatory for Carlyle Group was Wonjoong Kim . The signatory for HUBB NYC was John P. McCarthy and Steve Dluzyn . The contract date was November 5, 2025.

HUBB NYC financed the purchase with a $43.325 million loan from JLL.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer HUBB NYC purchased two properties in two transactions for a total of $54.3 million and sold two properties in two transactions for a total of $16.9 million over the past 24 months.
The seller Carlyle Group purchased 76 properties in 73 transactions for a total of $1 billion and sold 31 properties in two transactions for a total of $65 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Shelly Listokin, head officer and Calynne Oyolokor, officer. The business entities are Firstservice Residential and 177 Front Property Owner Llc. The 136,730-square-foot property generated revenue of $6.4 million or $47 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 105 residential units in DUMBO has 136,730 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 213 feet and is 92 feet deep with a total lot size of 19,163 square feet. The lot is irregular. The zoning is M1-4/R7A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 4 times FAR for residential with inclusionary housing. The property has a 421A exemption that started in 2020 and expires in 2045. The city-designated market value for the property in 2022 is $33.2 million. The property has 105 rent regulated units according to city tax records from 2023.

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 one DOB violation and four housing violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 6, 2018. 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 six of the six commercial properties representing 366,658 square feet of the 366,658 square feet. The largest owner is Gdc Properties, followed by Carlyle Group and then David Habif.
There are no active new building construction projects on this tax block.

The majority, or 92 percent of the 366,658 square feet of built space are elevator buildings, with retail buildings next occupying 5 percent of the space.

The seller

The PincusCo database currently indicates that Carlyle Group owned at least 345 commercial properties with 3,886 residential units in New York City with 4,203,883 square feet and a city-determined market value of $992.3 million. (Market value is typically about 50% of actual value.) The portfolio has $932.9 million in debt, with top three lenders as Invesco, PGIM Real Estate, and Prudential Financial respectively. Within the portfolio, the bulk, or 38 percent of the 4,203,883 square feet of built space are elevator properties, with industrial properties next occupying 28 percent of the space. The bulk, or 49 percent of the built space, is in Brooklyn, with Queens next at 30 percent of the space.

The buyer

The PincusCo database currently indicates that Hubb Nyc owned at least 55 commercial properties with 1,488 residential units in New York City with 1,090,554 square feet and a city-determined market value of $374.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 68 percent of the 1,090,554 square feet of built space are elevator properties, with walkup properties next occupying 31 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Brooklyn next at 32 percent of the space.

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