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Steiner, JP Morgan Tap JLL to Sell/Re-Cap BK Resi Tower
JLL Capital Markets has been retained to sell or recapitalize Hub, a residential tower in Boerum Hill, Brooklyn. This Class A property features 750 units, ground-floor retail, and over 40,000 square feet of amenities.
Hub, completed in 2017, was built under the 421a tax program with 20% of apartments designated as affordable. The property offers studios, one bedroom, and two bedrooms. Situated at 333 Schermerhorn Street, Hub is located near 12 subway lines and the LIRR.
“Hub has all the hallmarks for investors seeking stable income and long-term appreciation in the current capital environment,” said Hinckley. “With strong fundamentals and continued demand for rental housing pressuring rents in Brooklyn, the property presents a unique opportunity for forward-looking investors.”
The property is currently 95% leased and features 33,036 square feet of ground-floor commercial space. JLL’s Rob Hinckley and Jeffrey Julien will lead the marketing efforts for the property on behalf of Steiner NYC and institutional investors advised by JP Morgan Asset Management.
