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

Bidding war said to boost sale above asking price

New York /
Apr.April 23, 2014 03:42 PM

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.


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