Steiner NYC has struck a $420 million recapitalization of a downtown Brooklyn multifamily property known as the Hub.
As part of the deal, the developer will fully take over the 750-unit asset by executing a buying out of its equity partner, J.P. Morgan Asset Management. In addition, the acquisition is backed by a $62.5 million preferred equity from Meadow Partners.
Walker & Dunlop advised Steiner, arranged Meadow's stake, and the financing for the recap. JLL brokered the transaction on behalf of the seller, which consists of the joint venture between Steiner and J.P. Morgan.
Recommended For You
When the Hub was first completed in 2018, it was considered Brooklyn's tallest building at 55 stories. The high-rise property offers views of the Manhattan skyline, and the New York Harbor. The Hub contains a mix of studios, one bedrooms, and two bedroom units.
“We are pleased to serve as a flexible and creative partner to Steiner NYC through our preferred equity financing solution for Hub,” Marc Mechanic, partner at Meadow Partners, said in a statement.
“Meadow has significant experience as both an owner and lender operating in New York and this transaction reflects our ability to apply our extensive knowledge of the market to support a high-quality multifamily project in an attractive Brooklyn neighborhood.”
Meadow's entire residential portfolio spans to 2,652 existing multifamily units, with another nearly 1,700 under development. In NYC, it operates
three other multifamily properties.
The deal by Steiner follows another Brooklyn transaction it made in December when it got a $148.5 million loan from W&D to refinance Admirals Row in Brooklyn Navy Yard, an eight-acre mixed-use property that was undergoing redevelopment. Additionally, the firm owns a 900,000-square-foot Hollywood-style production facility called Steiner Studios, also located in the city.
In 2024, NYC's multifamily sector recorded $8.91 billion in dollar volume, a 14 percent rise from the previous year. Moreover, transactions in the sector climbed by four percent to 1,107. Most of the metro's activity was completed in Brooklyn in 2024, which generated $3.48 billion in sales, a surge of 59 percent year-over-year.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
