John McCarthy’s HUBB NYC has closed on its acquisition of 123 Hope Street in Williamsburg from Adam America Real Estate for $83.8 million, the DailyBeatNY can exclusively report. The multi-family building spans 126,366 SF, and contains a retail component (11,190 SF), plus 92 parking spaces.
- Worth Noting: The seven-story property consists of 136 residential apartments, of which 41 are affordable. Tenants benefit from its proximity to the L and G trains on Lorimer Street and Metropolitan Avenue, in addition to the J, M and Z lines on Hewes Street.
- Heard on the Street: Prince Realty Advisors’ David Ash brokered the deal and said that the property is only 60% leased.
- Flashback: Slate Property Group and Adam America paid $31.5 million for the development site in 2015. Rents range from $2,385 for a studio to $4,323 for a two-bedroom. Leasing for market-rate units began in July 2018.