Steiner NYC has taken back sole ownership of the Hub, its 55-story Downtown Brooklyn rental tower.
The developer bought out partner JP Morgan in a $420 million recapitalization of the 750-unit mixed-use building at 333 Schermerhorn Street, Crain’s reported. Steiner sold a 62 percent stake worth $253 million to a JP Morgan real estate equity fund in 2019.
The owners also had considered selling the property, according to Crain’s. But ultimately, chairman Doug Steiner said holding on to the property “made the most sense for us.”
A JLL team including Rob Hinckley and Jeffrey Julien represented the sellers in the deal. A Walker & Dunlop team including Aaron Appel and Jonathan Schwartz advised Steiner and arranged $62.5 of preferred equity from investment firm Meadow Partners.
Steiner purchased the site in 2011 for $23.5 million and construction was completed in 2017. The tower includes 150 affordable units and street-level retail on Schermerhorn Street, Livingston Street, and Flatbush Avenue. The development also has a 75-foot indoor/outdoor pool.
Rents for the eight available apartments range from $3,480 for a studio to $5,437 for a one-bedroom, according to Crain’s.
The 2019 sale of the stake to JP Morgan coincided with a $330 million refinancing of the property from Nuveen Real Estate.
– Elizabeth Cryan
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