The Real Deal New York

LIVWRK inks $22M contract for Red Hook conversion: sources

Bidding war said to boost sale above asking price

April 23, 2014 03:42PM
By Adam Pincus

Lemma-Abehsera-160-Cohen

From left: Aaron Lemma, Asher Abehsera, Ofer Cohen and 160 Van Brunt Street

Midtown-based property investment firm LIVWRK Holdings signed a contract last week to pay $21.5 million for a two-story industrial property near the Brooklyn waterfront in Red Hook, sources told The Real Deal.

LIVWRK, headed by Asher Abehsera and Aaron Lemma, plans to reposition the 98,650-square-foot building at 160 Van Brunt Street, into office and creative spaces that will likely be ready for occupancy in the middle of next year, insiders said.

A bidding war drove up the sale price above the ask highlighting the increase in values in Brooklyn, sources said. Commercial brokerage TerraCRG, through Ofer Cohen and Dan Marks, listed the property March 12 with an anticipated sale price of $19.7 million.

The brick building has a high profile as it is adjacent to the tunnel entrance for the Brooklyn Battery Tunnel.

The sale is expected to close in June, one insider said. LIVWRK and TerraCRG declined to comment.

LIVWRK is active in the area, and in the past few months has signed contracts to buy two Gowanus properties. The first is at 68-90 Third Street, and the other at 130 Third Street. The plan for those is to reposition the properties into office and retail space.

In addition, the company partnered with Kushner Companies, RFR Realty and others to purchase the Jehovah’s Witnesses properties in Dumbo for $375 million.

Correction: An earlier version of this story misstated the current status of two Gowanus properties. In fact, LIVWRK signed contracts to buy them.

  • Danny Z

    Smart play. This is that building with the illuminated RED HOOK sign at night. Should get some good looks. 200 bucks per foot looks like a good buy

  • MakerbotGuy

    I wonder if Asher is backed by Walentas? Building has pretty nice views, friends have a design studio there. Guess the ship repair tenant is headed out and up the river

  • Brooklyn Bricks

    Keep it coming, the area needs a real, quality, creative office building. Seems like these guys pick the right spots.

  • Mark Baver

    Looks like the F is closest train. Wonder what rents their intending on. Could be a smart alternative to dumbo.

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