Hubb NYC Buys 599 Baltic Street in Brooklyn for $40M – Commercial Observer

Multifamily owner and operator Adam America has sold a 70-unit residential building at 599 Baltic Street in Gowanus, Brooklyn, according to property records made public Wednesday.

John McCarthy’s Hubb NYC Properties purchased the 6-year-old, nine-story apartment building for $40 million from the original development firm founded by Omri Sachs.

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Hubb NYC secured a $29.7 million loan through JLL Real Estate Capital for the purchase, according to property records.

Some additional units in the building may be condominiums, with a recent $10.8 million sale listed on Zillow for a 51,212-square-foot unit.

The buyer, the seller and JLL did not immediately respond to  requests for comment.

Adam America owns multifamily properties across New York, Connecticut, Florida and Texas, but mostly in Brooklyn.

News of the sale comes after another recent apartment building sale in nearby Boerum Hill. In July 2024, an entity tied to Ben-Josef Group Holdings bought the 29-unit 82 Fourth Avenue for $20 million.

Mark Hallum can be reached at mhallum@commercialobserver.com.