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GOWANUS — MULTIFAMILY OWNER Hubb NYC Properties has acquired a 70-unit apartment building at 599 Baltic St. for $40 million, marking a notable hands-off sale by a long-time Brooklyn developer, reports the Commercial Observer.

Property records show the nine-story, six-year-old building was sold by Adam America, the firm founded by Omri Sachs, to a company led by John McCarthy. Financing included a $29.7 million loan arranged by JLL.

The transaction reflects continued investor interest in stabilized Brooklyn rental properties despite higher borrowing costs.

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