Robert Khodadadian – Commercial Observer

Residential real estate firm HUBB NYC acquired a multifamily development in Brooklyn’s Park Slope from Greystone Development, Commercial Observer has learned.

Greystone was able to get $40 million for 223 Fourth Avenue, a 48,256-square-foot multifamily property with 63 units of housing that it finished developing in 2018, according to broker Cushman & Wakefield

The developers have been searching for the right buyer — preferably one with $40 million on hand — since at least September 2020, as reported by The Real Deal.

“This multifamily project was a labor of love for us as we worked to create an aesthetically pleasing block serving the Park Slope community,” Thomas Ryan, CEO of Greystone, said in a statement. “It’s a great pleasure to see our efforts come full circle.” 

Hubb NYC did not immediately respond to a request for comment.

C&W’s Dan O’Brien, Adam Spies, Avery Silverstein and Adam Doneger brokered the deal on behalf of Greystone.

“The newly built luxury property features flexible floor plans and best-in-class amenities, including a rooftop deck with incredible Downtown Brooklyn and Manhattan views,” O’Brien said in a statement. “Residents will benefit from the asset’s ideal location in the coveted Park Slope neighborhood.”

Greystone bought the property — which was two empty lots — in 2015 for $13.5 million and began work on construction of the multifamily development, which it finished in 2018, according to Brownstoner.

The building has a Starbucks on the ground floor and sits right outside the Union Street R train station. Amenities in the building include private outdoor spaces, in-unit laundry, walk-in closets, stainless steel appliances, quartz countertops and hardwood floors. It also gives residents access to a coworking space, a rooftop terrace, a media room and bike storage.

Mark Hallum can be reached at mhallum@commercialobserver.com.

Residential real estate firm HUBB NYC acquired a multifamily development in Brooklyn’s Park Slope from Greystone Development, Commercial Observer has learned. Greystone was able to get $40 million for 223 Fourth Avenue, a 48,256-square-foot multifamily property with 63 units of housing that it finished developing in 2018, according to broker Cushman & Wakefield.  The developersRead MoreAcquisition, Channel, Finance, Residential, Sales, 223 Fourth Avenue, Cushman & Wakefield, Greystone Development, HUBB NYC

Robert Khodadadian, skyline properties, ground leases

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