CIM buys stake in LIVWRK’s Crown Heights dev site

The vacant lot at 111 Montgomery St. is near the Brooklyn Botanic Garden

TRD New York /
Jun.June 29, 2017 04:40 PM

From left: 111 Montgomery Street, Asher Abehsera and Avi Shemesh

CIM Group paid nearly $30 million to buy into a Crown Heights site where LIVWRK has been planning a residential building, according to property records and LIVWRK CEO Asher Abehsera.

LIVWRK purchased the vacant lot at 111 Montgomery Street in 2015 for $24.5 million from the Brooklyn Botanic Garden, and records show that CIM Group then paid $29.7 million on June 9 for its stake.

The companies plan to build a 12-story residential building on the site designed by Karl Fischer. However, it is unclear whether or not construction on that project has started.

“This collaboration made sense, as we have complementary skill sets and a common vision to build an exceptional project for the community,” Abehsera said in a statement. “111 Montgomery will appeal to people with a high sensibility and appreciation for refined design.”

Representatives from CIM Group did not respond to a request for comment.

CIM Group and LIVWRK are also partnering with Kushner Companies on redeveloping Dumbo’s Watchtower building. The trio of companies, collectively known as Columbia Heights Associates, purchased the building roughly one year ago for $340 million, and its iconic Watchtower sign is due to come down soon.

Other recent deals in Crown Heights include E&M Associates’ purchase of 90 Sullivan Place from Chaim Miller for $21.5 million in September and BCB Property Management’s sale of three rental buildings for $37.8 million earlier last year.


Related Articles

arrow_forward_ios
U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee

Donald Trump with Rep. Emanuel Cleaver II, Rep. Ron Kind and Sen. Cory Booker (Credit: Getty Images, iStock)

Trump’s Opportunity Zone program is under investigation

The agreement was signed today at UBC’s New York Council offices in Manhattan by Nathan Blecharczyk, Airbnb co-founder, Chief Strategy Officer, and Frank Spencer, General Vice President of UBC.

Airbnb hammers out partnership with carpenters’ union

Fotis Dulos (AP Images/ Erik Trautmann)

Connecticut developer Fotis Dulos charged with murder

Pier 40 and Gov. Andrew Cuomo (Credit: Wikipedia and Getty Images)

Cuomo kills Pier 40 redevelopment plan

CW Realty’s Cheskie Weisz  and a rendering of 251 Front Street (Credit: CW Realty and Think Architecture and Design via New York YIMBY)

CW Realty plans luxury rental at controversial Vinegar Hill site

A rendering of Broadway Triangle and an aerial of Broadway Triangle (Credit: Magnusson Architecture via Department of City Planning and Google Maps)

Rabsky, Spencer land $70M refi for Broadway Triangle site

Renderings of 555 West 38th Street and Rockrose Development's Justin Elghanayan (Credit: Rendering by Pelli Clarke Pelli)

Rockrose lands $255M in financing for Hudson Yards project

arrow_forward_ios
Loading...