UBS Realty Investors pays $56M to Greystone Development for multifamily property in Clinton Hill

UBS Realty Investors through the entity Steuben Street/Myrtle Avenue Apartments Owner LLC paid Greystone Development, an affiliate of Greystone & Co.’s Clinton Hill Development I LLC $55.9 million for 100 Steuben Street, 531 Myrtle Avenue, 531 Myrtle Avenue in Clinton Hill. The deal closed on January 23, 2020, and was recorded on February 13, 2020. The transaction consists of 3 parcels, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 72 residential units. The property is 33,949 square feet. The parcel(s) have total development potential of 33,949 square feet.
The sale price per unit is $776,262.

The last time the property sold was September 30, 2014, for $8,000,000. The brokers on the sale were JLL’s Jeff Julien, Rob Hinckley, Steven Rutman, according to Traded NY. 
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 43 residential (or hotel) units on September 8, 2017.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $25,000.There has been one new building permit application totaling 29,953 square feet. Those plans include a total of 43 residential or hotel units. There have been 3 demolition projects filed over the past five years. The demolition included 2 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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