One of New York City’s biggest buyers of 421a-eligible properties has added another to its portfolio.
acquired a 13-story, 63-unit residential and retail building at in Park Slope from Greystone Development for $40 million, according to filed Friday.
A Cushman & Wakefield team consisting of Dan O’Brien and Adam Spies brokered the Brooklyn deal.first reported the sale.
Greystone put the 48,200-square-foot, mixed-use property on the market with an asking price of at leastin September 2020. The development firm had purchased the property for $13.5 million in 2015.
The firm transferred about 20,000 square feet of development rights from the Brooklyn Lyceum next door at 227 4th Avenue, which Greystone used to own, to an empty lot for its project,reported. The site qualifies for the now-expired 421a tax abatement.
HUBB NYC’s acquisition of the mixed-use building continues the residential real estate firm’s recent spending spree on 421a-eligible multifamily properties.
The firm paidlast month for a 130-unit rental building at 150 Union Avenue in Williamsburg. That followed a purchase of a 78-unit rental building at 167-171 Chrystie Street on the Lower East Side in May.
HUBB NYC bought a 169-unit building at 247 North 7th Street in Williamsburg forlast December — the neighborhood’s most expensive apartment building deal in almost two years. The company paid $84 million for a 136-unit building at 123 Hope Street in Williamsburg in March 2020.
HUBB also picked up a portfolio of 11 buildings on the Upper East and Upper West sides from Denver-based REIT Air Communities forlast October. That acquisition came one month after it snagged a 141-unit rental and retail building at 56 West 125th Street in Harlem for .