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Steiner sells 62% stake in NYC rental tower

Steiner NYC sold a 62% stake, valued at $253 million, in its 55-story Hub rental tower in downtown Brooklyn, N.Y., The Real Deal reported, citing property records.

The property company transferred the stake to a limited liability company with an address at 277 Park Ave., which is home to certain JPMorgan Chase & Co. offices, the publication added.

The stake sale came at the same time as a $330 million refinancing of the 750-unit property at 333 Schermerhorn St., provided by Nuveen Real Estate.

The new loan replaces a $300 million construction loan by Bank of America in 2015, with participation from several other banks.