At Cubed Advisory, we tend to make a lot of noise about the low hanging fruit that currently is the multifamily market. Steiner NYC seems to agree and aren't fooling around about it picking it. As the Full Story below notes, the Steiner family is taking four oversize lots on the border of Fort Greene and Boerum Hill and building 'The Hub'- 720 units on 52 floors.
Can anyone think of a similarly elephantine project out there right now? And no, failed condos converted to rental don't count.
The Steiner's picked up the properties for $30M which works out to a jaw dropping $63 per buildable foot. Combined with the preferential financing available for building 20% of the units as inclusionary housing, it would seem that the project is starting off on a very sound financial foundation.
Not having a full zoning analysis on tap for this particular assemblage, we are wondering just how they are going to get 720 units from 419kSF (LA*FAR10-50kSF retail) without zoning bonuses. But if the Steiner's can buy land at $63/SF buildable, we'll trust that they have the other aspects of the project stitched up.
Labels: affordable housing, Boerum Hill, development, Fort Greene, lots, Steiner NYC, The Hub