The Real Deal New York

Jeffrey Gershon to buy Jehovah’s Witnesses site in Dumbo for $60M: sources

Hope Street Capital developer can build close to 200K sf at property
By Katherine Clarke | May 23, 2017 03:25PM

Developer Jeffrey Gershon is in contract to buy one of the last remaining Jehovah’s Witnesses parcels in Dumbo for close to $60 million, or nearly $400 per buildable square foot, The Real Deal has learned.

The site at 74 Adams Street, which holds a one-story garage, allows for the construction of close to 200,000 square feet of retail and residential space, sources said.

Gershon declined to comment on the deal or on his plans for the property, since the deal has not yet closed. It wasn’t clear if he had any partners on this deal.

The site, located between York and Front streets, is one of the last remaining parcels owned by the Witnesses, which recently relocated its world headquarters to Warwick in upstate New York. The Dumbo Heights developers Kushner Companies, RFR and LIVWRK are expected to close later this year on the purchase of a Witnesses building slated for an Ian Schrager-led hotel project as part of the Dumbo Heights commercial complex.

Late last year, Rabsky Group paid $65 million for another of the Witnesses buildings, at 69 Adams Street. And a partnership led by Kushner Companies, CIM Group and LIVWRK paid $340 million for their 733,000-square-foot headquarters at 25-30 Columbia Heights last year.

Gershon has long been active in Brooklyn. His company, Hope Street Capital, recently completed the development of the Hendrik, a 38-unit condominium at 509 Pacific Street in Boerum Hill, in partnership with AEW Capital Management.

(To view more commercial sales transactions in Northwest Brooklyn, click here)