HUBB NYC Picks Up Another Brooklyn Building for $40M

HUBB NYC was among the buyers who closed out 2025 striking deals in Brooklyn.

The firm acquired 599 Baltic Street from Adam America for $40 million last week, the Commercial Observer reported. The deal works out to $571,000 per unit for the 70-unit building, which appears to feature both rentals and condominiums.

JLL Real Estate Capital provided a $29.7 million acquisition loan to HUBB for the purchase. None of the parties in the deal commented to the Observer on the transaction.

Omri Sachs’ Adam America developed the nine-story building six years ago. It was part of a company portfolio of multifamily properties, including assets in Connecticut, Florida and Texas.

For HUBB, the acquisition was the culmination of a push in the borough to end 2025.

In November, HUBB acquired a 12-story, 105-unit multifamily building at 177 Front Street in Dumbo from the Carlyle Group for $85 million. JLL Real Estate Capital was also involved in a lender position there, assuming a $43.3 million mortgage on the property.

Founded in 2011, HUBB often positions itself as an all-cash buyer and features more than 80 properties in its portfolio. An affiliate of the company recently paid $20.3 million for an apartment building at 254 Water Street; the seller of the 26-unit property was Michael Alvandi’s City Urban Realty, which purchased the property in 2019 for $15 million.

Elsewhere in Gowanus, Midwood Investment & Development secured a $200 million construction loan from Affinius Capital for its 21-story, 276-unit multifamily project at 200 Douglass Street.

The development will include 20,000 square feet of retail space and a variety of amenities. The expected completion date is in the fall of 2027.

Gowanus grew in stature several years ago when the neighborhood was rezoned in 2021, a measure expected to add more than 8,000 apartments to the area over the span of a decade. — Holden Walter-Warner