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260 Water Street

Updated Aug 15, 2025

HUBB NYC Properties Acquires Multifamily Asset In Dumbo From City Urban Realty & Stellar Management For $20.3M
SOLDMultiFamily

HUBB NYC Properties Acquires Multifamily Asset In Dumbo From City Urban Realty & Stellar Management For $20.3M

260 Water Street

$20,300,000

$715/SF

Building Size

28,358 SF

Asset Type

MultiFamily

Closing

Aug 6, 2025

About this deal

AI

The transaction involves a multifamily asset located at 260 Water Street in Dumbo. The sale price was $20,300,000, with the property comprising 26 units, resulting in a price per unit of $780,769. The total square footage of the property is 28,358, translating to a price per square foot of $715.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $20,300,000
  • Address: 260 Water Street
  • Market: Dumbo
  • Units: 26
  • Price per Unit: $780,769
  • Square Footage: 28,358
  • Price per Square Foot: $715

The buyer of the property is HUBB NYC Properties, while the sellers are City Urban Realty and Stellar Management. The brokers representing this transaction include Daniel O'Brien, Caroline Hodes, and Henry Hill from Newmark. City Urban Realty is currently engaged in multiple 1031 exchanges and is actively acquiring value-add multifamily, office, and retail assets in specific areas.

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$20,300,000

$715/SF

MultiFamily

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Players

Caroline Hodes

Newmark

Broker

$2.1B

vol

108 deals

Broker
Newmark
NewmarkBrokerage
Stellar Management
Stellar ManagementSeller
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Brooklyn MultiFamily Market Snapshot

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Deal FAQ

About $715 per square foot on a published $20.3M for 28,358 square feet (2025).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.78%

Cash-on-Cash

-0.22%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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