Steiner, J.P. Morgan to sell/re-cap trophy asset Hub, a 750-unit tower in Boerum Hill, Brooklyn

NEW YORK, May 8, 2024 - JLL Capital Markets announced today that it has been retained on an exclusive basis to explore the sale or recapitalization of Hub, a Class A, 750-unit mixed-use, best-in-class residential tower with ground floor retail in Boerum Hill, Brooklyn.

Hub set a new bar for luxury rental buildings. The building boasts an unprecedented amenity package totaling over 40,000 square feet: a 75-foot, all-season pool in a glass box opening onto an enormous landscaped sundeck; state-of-the art fitness center; couch- laden media room; dog run; club room with fireplace; children's playroom; party rooms; yoga studio; grilling stations with outdoor dining cabanas; and a sky lounge.

The tallest building in Brooklyn upon completion in 2017, the 55-story, fully stabilized property was built under the 421a tax program with 20% of apartments affordable. Located at 333 Schermerhorn Street, Hub features 228 studios, 425 one-bedrooms and 97 two-bedrooms, with 9-10' floor to ceiling windows offering stunning views in most every direction; generous closets; Bosch washer/dryers; Grohe and Kohler fixtures; and stainless-steel appliances. 85% of market-rate units have dramatic corner windows. There are 47 penthouse units located on floors 50 through 55 featuring further upgraded finishes, wide oak wood flooring, and walk-in closets.

Hub derived its name from being at the nexus of 12 subway lines and the LIRR, all within a two block radius, at the convergence of multiple highly-desirable Brooklyn neighborhoods: the BAM Cultural District, Boerum Hill, Fort Greene, Downtown Brooklyn, Cobble Hill, Brooklyn Heights, Prospect Heights and Park Slope, Hub is surrounded by myriad dining, retail and entertainment options, and a short walk from world-renowned institutions including the Brooklyn Academy of Music, Barclay's Center, Mark Morris Dance Company, Theatre for a New Audience, BRIC Media Arts, and Urban Glass. It is a ten-minute subway ride to downtown Manhattan. The neighborhood is home to 11 higher education institutions providing a pool of talent for a diverse business district and hub for technology and innovation.

33,036 square feet of ground floor commercial space is occupied by various service retailers, including a veterinary center, boxing gym, and residential brokerage office with unmatched visibility.

A JLL Capital Markets team led by Senior Managing Directors Rob Hinckley and Jeffrey Julien will spearhead the marketing of the property on behalf of a joint venture of Steiner NYC and institutional investors advised by J.P. Morgan Asset Management.

"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."

Julien added, "Hub offers a rare opportunity to invest in an iconic, best-in-class, residential high-rise with superb sponsorship, strategically located in a rapidly growing submarket within the nation's most diversified economic center. We anticipate strong interest in the asset."

Steiner NYC has developed, constructed, leased and managed over one-million square feet of real estate in over 15 states. In addition to Hub, one of Brooklyn's most coveted high-rise residences, Steiner is known for its eponymous Steiner Studios, New York's only Hollywood style film and television production complex - a studio that has produced The Marvelous Mrs. Maisel, Joker, West Side Story, and most recently, Feud: Capote vs. The Swans.

Other Steiner projects include historic gut renovations on the Steiner lot and renovations and development on the Admirals Row campus of the Brooklyn Navy Yard, including the popular Wegmans supermarket. Steiner NYC has developed other successful residential buildings in both Brooklyn and Manhattan and is currently developing "Steiner Sequel," a 900,00-square-foot film and television facility in Sunset Park, Brooklyn.

JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.

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