City Urban Realty, Stellar Management Sell Dumbo Apartment Building for $20M

Michael Alvandi’s City Urban Realty, along with Stellar Management, has sold an apartment building in Brooklyn’s Dumbo neighborhood for $20.3 million, according to City Urban.

City Urban and Stellar offloaded the five-story, 26-unit residential property at 260 Water Street to Hubb NYC Properties, City Urban said. The sellers originally bought the building between Bridge and Gold streets in October 2019 for $15 million, according to property records.

Newmark’s Daniel O’Brien, Caroline Hodes and Henry Hill brokered the deal for the sellers. Spokespeople for Newmark, Stellar and Hubb did not immediately respond to requests for comment.

The apartment building between Brooklyn’s Dumbo and Vinegar Hill neighborhoods was developed in 2003 by South Heights Development, which City Urban acquired the property from in 2019.

Apartments at 260 Water Street currently rent for between $4,000 per month for a one-bedroom to $7,700 per month for a three-bedroom, according to StreetEasy.

It’s unclear what Hubb’s exact plans are for the property, but it seems the company has been investing in residential buildings lately.

In January, Hubb acquired the 12-story, 60-unit apartment building at 345 East 64th Street in Manhattan’s Lenox Hill neighborhood from the Parkoff Organization for $34 million, as Commercial Observer previously reported.

Before that, the real estate investment firm bought the five-story, mixed-use building at 121 Chambers Street in Tribeca from Ackerman Realty for $16.2 million in 2016, CO reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.