By:  Benyamin Davidsons

A pair of residential buildings in Clinton Hill, in north-central Brooklyn, sold for nearly 30% less than the sale price three years ago.

As reported by Crain’s NY, Connecticut-based investment group UBS Realty Investors sold the two buildings at 100 Steuben St. and 531 Myrtle Ave  in separate transactions totaling $40 million.  The buyer is Midtown-based real estate firm Ben-Josef Group Holdings, having entered the contracts in April and closing on the buildings on July 28, per City records.  The 29-unit condo building at 531 Myrtle Ave closed for $17.7 million.  The five-story building also includes a 8,202 square foot commercial unit in the ground floor, as per records from the Department of Finance.  The building at 100 Steuben, which is an 8-story rental building with 43 studio, one-bedroom and two-bedroom units, was sold for $22.3 million.

The two buildings, which are located one block from Pratt Institute, were developed by Greystar real estate firm. In October 2014, Greystar had purchased the two sites for $12.5 million and had developed them. They projected the value of the development properties to be over $50 million. Greystar had sold the two buildings to UBS in February 2020 for $55.9 million.

“The sister buildings of Myrtle and Steuben offer newly constructed residences that seamlessly blend the sophisticated touches with a modern sensibility you will adore,” reads the description on Greystar’s website. “The combination of streaming natural light, soaring ceilings, stylish finishes, and impressive-yet-practical amenities has created a thoughtful contemporary expression of style and tranquility.”  Apartments are equipped with Quartz countertops, stainless steel appliances, and private balconies.   Building amenities include a lobby, modern fitness center, rooftop terrace with outdoor grilling, a Zen garden and a Commercial Epicenter.

Founded in 1993, Greystar strives to be a global rental housing industry leader.  With 65 offices across 238 global locations, and a track record of approximately $32 billion in global development assets, the company boasts over 803,000 multifamily units.  “Our Core Values and our people are at the heart of everything we do,” founder, Chairman, and CEO Bob Faith says on the company website. “Though times and technology may change, it’s our people who have made Greystar the global leader in rental housing.”

The seller, UBS, was established in 1978 in Hartford, CT. The company has some 500 employees and is one of the largest asset managers in real assets worldwide.  Their company website boasts actively managing real estate investments worth about $99 billion globally across the major real estate sectors.

New York-based Ben-Josef did not immediately reply to Crain’s request for comment. UBS also did not comment by press time.