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Acquisitions

HUBB NYC buys 123 Hope Street

Rendering of 123 Hope Street (Credit: Aufgang Architects)

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.

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