A onetime piece of the Jehovah’s Witnesses’ Brooklyn actual property empire traded fingers after a decade that noticed it developed into luxurious condos.
Midtown-based Hubb Properties paid $85 million for 181 Front Street, a 12-story, 105-unit condominium constructing in Dumbo, Crain’s reported. The sale marks an exit for the Carlyle Group, which took over the location in 2014 for $21.4 million, earlier than the constructing existed.
The deal breaks all the way down to $810,000 per unit.
Megalith Capital assembled the parcel a yr earlier than Carlyle acquired it as half of a bigger cope with the Witnesses, who spent a long time unloading their huge Dumbo and Brooklyn Heights holdings after shifting headquarters upstate. Megalith is listed because the developer of the challenge, however the standing of the agency and its partnership with Carlyle is unclear.
Aufgang Architects designed the rental, which broke floor in 2015 and wrapped in 2018, certainly one of a number of developments that helped cement Dumbo’s transition from industrial district to full-fledged luxurious enclave.
Availabilities embrace a one-bedroom asking $4,381 a month, in line with StreetEasy.
Carlyle and Hubb each didn’t remark to the publication concerning the sale.
Non-public fairness big Carlyle quietly put together a half-billion-dollar portfolio of small condominium buildings in Brooklyn within the fast aftermath of the pandemic. Over a one-year interval, the corporate purchased greater than 130 properties in sizzling neighborhoods equivalent to Bushwick, Bedford-Stuyvesant, Park Slope and Cobble Hill.
The spree represented certainly one of Wall Avenue’s greatest strikes into the world of mom-and-pop landlords and an uncommon strategy for such a big firm, shopping for up condominium buildings one after the other.
Hubb, based in 2011, payments itself as an all-cash purchaser with greater than 80 properties in its portfolio. An affiliate of the corporate not too long ago paid $20.3 million for an condominium constructing at 254 Water Avenue; the vendor of the 26-unit property was Michael Alvandi’s Metropolis City Realty, which bought the property in 2019 for $15 million.
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