Hubb NYC Properties Picks Up Tribeca Mixed-Use Building for $16M
By Liam La Guerre August 25, 2016 4:40 pm
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Midtown-based real estate investment firm Hubb NYC Properties has purchased a five-story mixed-use building at 121 Chambers Street from Ackerman Realty for $16.2 million, according to Marcus & Millichap.
The 18,750-square-foot Tribeca building between West Broadway and Church Street is comprised of 3,200 square feet of retail divided into two units on the ground floor, a 3,200-square-foot office space occupied by artists and designers on the second floor and five residential apartments on the third through fifth floors. An upholstery store with a lease expiring at the end of September is in one of the ground-floor retail units, and the other is vacant.
The fourth floor has a 3,200-square-foot rent-stabilized unit, while the four remaining market-rate apartments average 1,600 square feet. Free market apartments go for roughly $5,000 a month, while the rent-stabilized unit costs $1,780 per month.
“Our marketing process generated over 20 written offers from a wide range of private, institutional and international investors,” Marcus & Millichap’s Matthew Fotis, who represented the buyer and seller with colleague Sam Hoefle, said in a prepared statement. “Ultimately, Hubb’s complete understanding of the opportunity and unique ability to close very quickly was most appealing to the seller.”
Hubb NYC recently signed a 11,655-square-foot lease to relocate its offices to the entire fourth floor of 579 Fifth Avenue, as CO recently reported.
