HUBB NYC signs $13.6M loan for two walkups in East Village

HUBB NYC through the entity 186-188 First Ave LLC as borrower signed a initial loan with lender M&T Bank through the entity Manufactures And Traders Trust Company valued at $13.6 million for two residential walkup properties with 16 residential units including the eight-unit residential walkup building (C7) at 188 First Avenue and the adjacent eight-unit residential walkup building (C7) at 186 First Avenue in East Village, Manhattan.
The deal closed on August 7, 2025 and was recorded on August 12, 2025. The two properties have 14,445 square feet of built space and 5,550 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $941 and the price per buildable square foot is $680 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 HUBB NYC was John P. McCarthy and Steven Dluzyn .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 188 1st Avenue.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes John Mccarthy, head officer and Deborah Kasner, agent. The business entities are Hubb Nyc Property Management and 186-188 First Avenue Llc.

The property

The residential walkup building with 8 residential units in East Village has 14,445 square feet of built space and 5,550 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received two DOB violations and $1,450 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 the tax block of 188 1st Avenue, PincusCo has identified the owners of eight of the 11 commercial properties representing 232,455 square feet of the 252,412 square feet. The largest owner is City Of New York, followed by HUBB NYC and then Nazarian Property Group.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 252,412 square feet of built space are specialty buildings, with walkup buildings next occupying 23 percent of the space.

The borrower

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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