Steiner NYC has regained full ownership of the Hub, a 55-story rental tower in Downtown Brooklyn, by buying out JP Morgan’s stake in a $420 million deal. JP Morgan had acquired a 62% share for $253 million in 2019. While a sale was considered, Doug Steiner opted to retain the 750-unit property. The deal included $62.5 million in preferred equity from Meadow Partners. Developed by Steiner in 2017, the tower features 150 affordable units, retail space, and a 75-foot pool. Current rents range from $3,480 for a studio to $5,437 for a one-bedroom.
Steiner NYC
