Kushner, LIVWRK grab big Gowanus development site

Deal could give rise to 1 million-square-foot residential and retail project

New York /
Jun.June 17, 2014 11:56 AM

Jared Kushner’s Kushner Companies and LIVWRK are in contract to buy a block-long development site in Gowanus for between $70 million and $80 million, The Real Deal has learned.

The site, located at 175-225 Third Street, currently allows for a commercial mixed-use project of up to 300,000 square feet, but could eventually be rezoned for a residential mixed-use project of more than a million square feet, according to a source familiar with the off-market deal.

The three-acre parcel offers about 600 feet of frontage and will allow for about 150,000 square feet of retail, according to the source. The Property Is Located Across The Street from the recently opened Whole Foods Market, and is close to the Lightstone Group’s 700-unit rental development at 363 Bond Street. The seller, listed in property records as 175 Third Street Associates, is a family that owned the property for more than 60 years, the source said.

Representatives for Kushner and LIVWRK, headed by former Two Trees Management executive Asher Abehsera, declined to comment. Peter Ripka of Ripco Real Estate, a retail broker active in the area, said that “in the shopping center world, having Whole Foods as an anchor is like going to the ball with one of the belles.”

In July, the partnership teamed up with Aby Rosen’s RFR Realty and Invesco Real Estate on a $375 million purchase of a 1.2 million-square-foot portfolio in Dumbo from the Jehovah’s Witnesses. That deal, Brooklyn’s largest of 2013, will give rise to Dumbo Heights, an office campus geared towards Brooklyn’s emerging technology, advertising and media sector. Etsy, the online marketplace for handmade and vintage goods, recently agreed to take 200,000 square feet at the complex, where asking rents start at just shy of $60 per square foot.


Related Articles

arrow_forward_ios
660 Fifth Avenue in Manhattan and Macquarie Group's Shemara Wikramanayake (Brookfield Properties, iStock, Macquarie Group, Illustration by Kevin Cifuentes for The Real Deal)
Brookfield signs first tenant at 660 Fifth Avenue
Brookfield signs first tenant at 660 Fifth Avenue
From left: Jared Kushner and Crown Prince Mohammed bin Salman (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Jared Kushner to invest Saudi money in Israeli firms
Jared Kushner to invest Saudi money in Israeli firms
From left: Jared Kushner and Crown Prince Mohammed bin Salman (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Jared Kushner raised $2B from Saudi prince MBS
Jared Kushner raised $2B from Saudi prince MBS
Clockwise from top left: 277 Fifth Avenue, 60 North 6th Street in Brooklyn, 127 Kent Avenue in Brooklyn and 515 West 38th Street (The LX Collection, L3 Capital, Google Maps)
Tile maker’s deal in NoMad leads mid-market sales
Tile maker’s deal in NoMad leads mid-market sales
Aby Rosen of RFR Holding and 175-225 Third Street in Gowanus (Credit: Google Maps and Getty Images)
Aby Rosen’s RFR plans 375-unit Gowanus building
Aby Rosen’s RFR plans 375-unit Gowanus building
Judge denies Kushner’s attempt to force $186M multifamily deal
Judge denies Kushner’s attempt to force $186M multifamily deal
Judge denies Kushner’s attempt to force $186M multifamily deal
A photo illustration of 51-53 East 73rd St, 300 De Witt Ave, 137 Bayard Street and 3044 Coney Island Ave (LoopNet, Rosewood Realty Group/Illustration by Steven Dilakian for The Real Deal)
Ten mid-market investment sales to start your day
Ten mid-market investment sales to start your day
Tavros, Charney pick up Gowanus dev site for $102M
Tavros, Charney pick up Gowanus dev site for $102M
Tavros, Charney pick up Gowanus dev site for $102M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...