HUBB NYC continues 421a spending spree, buying Park Slope building

One of New York City’s biggest buyers of 421a-eligible properties has added another to its portfolio.

HUBB NYC acquired a 13-story, 63-unit residential and retail building at 223-225 4th Avenue in Park Slope from Greystone Development for $40 million, according to property records filed Friday.

A Cushman & Wakefield team consisting of Dan O’Brien and Adam Spies brokered the Brooklyn deal. Commercial Observer first reported the sale.

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Greystone put the 48,200-square-foot, mixed-use property on the market with an asking price of at least $40 million in 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, Brownstoner 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 paid $76.8 million last month for a 130-unit rental building at 150 Union Avenue in Williamsburg. That followed a $64 million 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 for $116 million last 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 for $190 million last October. That acquisition came one month after it snagged a 141-unit rental and retail building at 56 West 125th Street in Harlem for $105 million.