HUBBNYC is buying a 136-unit mixed-use building in Williamsburg for about $83.8 million.
The company is purchasing 123 Hope Street from Adam America Real Estate Group, according to Prince Realty Advisors founder David E. Ash, who represented both sides in the deal. The purchase was announced Friday. The building stands seven stories tall and spans about 126,000 square feet. In addition to the apartments, it includes 11,190 square feet of retail space and 92 parking spots.
Slate Property Group purchased 123 Hope Street for $31.5 million in 2015, when it was still a development site. They partnered on the project with Adam America, and it is now more than 60 percent leased, according to Ash. HUBB plans to continue leasing up the building, he said.
“We were attracted to the quality of the asset, and the desirability of the neighborhood,” said HUBBNYC Acquisitions Director Jesse Terry. “We plan to own and operate for the long term.”
Representatives for Adam America and Slate did not immediately respond to requests for comment.
HUBB has also previously purchased an Astoria multifamily building at 31-57 31st Street for $75 million and a retail condo just north of Lincoln Center for $39 million.