A partnership led by Jared Kushner’s Kushner Companies and Aby Rosen’s RFR Holdings is in contract to buy a portfolio of Dumbo properties from the Jehovah’s Witnesses for $375 million, the New York Post reported. The deal could be Brooklyn’s largest this year.
Kushner, Rosen and LIVWRK – a company recently started up by former Two Trees executive Asher Abehsera — signed the deal on Friday, sources told the Post. The portfolio totals 1.25 million square feet and includes 90 Sands Street, a 30-story hotel with 505 rooms, as well as five industrial buildings that lie in Brooklyn’s “Tech Triangle.”
The industrial buildings will be developed into loft-style office space, sources told the Post. The hotel building will remain occupied until 2017. The deal is slated to close in September.
The Witnesses have been busy selling chunks of their sizable Brooklyn holdings, including a Dumbo development site which they sold in April for $30.6 million, in preparation for their move upstate, as The Real Deal has reported.
Neither party’s representatives could be reached by the Post for comment. [NYP] – Hiten Samtani