Steiner NYC Takes Full Control of The Hub in $260M Deal
The residential tower that claimed the title as the “tallest building in Brooklyn” when construction was completed in 2017 is now solely owned by Steiner NYC. The Downtown Brooklyn site where the 55-story, 750-unit tower known as The Hub now stands is located at 333 Schermerhorn Street; and was purchased by the firm in 2011 for $23.5 million. In 2019, JPMorgan Asset Management purchased a reportedly 62% stake worth $253 million, and although the partnership considered selling, Steiner has opted to retain long-term ownership, and in a deal valued at $450 million — city records indicate $259.526 million was paid in real property transfer tax (RPTT) and real estate transfer tax (RETT), bought out JPMorgan’s stake. The deal also included a $62.5 million in financing provided by investment firm Meadow Partners according to the article by Crain’s New York.