NEW YORK--(EON: Enhanced Online News)--A joint venture of CIM Group, Kushner and LIVWRK has acquired 85 Jay Street in Brooklyn from Watchtower Real Estate. The parcel is currently a 135,000-square-foot parking lot in the Dumbo neighborhood, and the partnership is planning a mixed-use project.
“85 Jay Street has long been the hole in the Dumbo doughnut. We aim to introduce a world-class project to the vibrant waterfront district.”
"This is a rare opportunity to acquire a substantial property that has by-right development potential for a mix of uses,” said Shaul Kuba, Co-Founder and Principal, CIM Group. “The site is well-located near transportation, thriving neighborhoods and desirable amenities, making it attractive for a variety of uses catering to residents, businesses, retailers and the needs of the community."
“85 Jay has tremendous upside, and we’re eager to begin its transformation into a dynamic project just steps from the Dumbo Heights office campus and Brooklyn Bridge Park,” said Laurent Morali, President of Kushner. "We're excited to continue our work in Brooklyn with the CIM/LIVWRK team.”
"We feel fortunate to be co-developing this game-changing project together with CIM and Kushner,” said Asher Abehsera, Founder and CEO of LIVWRK. “85 Jay Street has long been the hole in the Dumbo doughnut. We aim to introduce a world-class project to the vibrant waterfront district."
The acquisition comes on the heels of the partnership's August purchase of 25-30 Columbia Heights, the historic Brooklyn Heights headquarters of the Jehovah's Witnesses, from Watchtower Real Estate. The 739,000-square-foot property set on 2.3 acres includes five addresses: 25, 30, 50 and 58 Columbia Heights and 55 Furman Street. The partnership intends to renovate and reposition the property into a world-class office campus.
Kushner also partnered with LIVWRK, along with RFR, to acquire the nearby Dumbo Heights campus from Watchtower Real Estate in October 2013. In less than three years, the partnership has undertaken a more than $100 million gut renovation to transform the one-million-square-foot site into a cutting-edge creative office campus in Brooklyn. And Kushner partnered with CIM Group on two notable acquisitions and repositionings in Manhattan that have been sold: 2 Rector Street in the Financial District, and 200 Lafayette Street in SoHo.
For more than a decade, CIM Group has been involved in the New York metropolitan area, and this is its second acquisition in Brooklyn. CIM made its first New York City investment in Manhattan’s Financial District in 2010 with its acquisition of 15 William Street, a 47-story residential condominium. CIM’s other New York City investments include 432 Park Avenue, 737 Park Avenue, Halcyon (at 305 East 51st Street), 47 E. 34th Street, 225 Fifth Avenue, 100 Barclay, 265 – 275 Cherry Street, Corinthian Condominiums, and 5 Hanover Square. Aside from the two New York City projects in partnership with Kushner, notable properties that CIM has sold include 11 Madison and One Madison Park.
Kushner has completed more than $14 billion in transactions and $7 billion in acquisitions since 2007. Kushner’s portfolio includes more than 20,000 multifamily apartments, as well as 13 million square feet of office, hotel, industrial and retail space throughout the Northeast and Mid-Atlantic regions. In 2015 alone, Kushner completed more than $1.5 billion of transactions.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in five strategic categories: repositioning and development projects, well-positioned operating properties, value-add properties, debt, and infrastructure. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area, Bethesda, Maryland, and Dallas. For more information, please visit www.cimgroup.com.
Kushner is a diversified real estate organization headquartered in New York City. The company is involved in the ownership, management, development and redevelopment of numerous properties. Kushner Companies’ national reach consists of more than 20,000 multifamily apartments, as well as 13 million square feet of office, hotel, industrial and retail space throughout the Northeast and Mid-Atlantic regions. Kushner has completed more than $14 billion in transactions and $7 billion in acquisitions since 2007. In 2015 alone, Kushner completed more than $1.5 billion of transactions. For more information, please visit www.kushner.com.
Founded in 2013, LIVWRK is a principal-based real estate company concentrated on mixed-use urban development. The company practices handcrafted development, meticulously planning every element of the design and engineering process from the beginning of a project to its completion. Since inception, LIVWRK has been involved in eight transactions; it is currently developing over 3M square feet with over $1 billion in capital committed and invested.