The Real Deal New York

Jeffrey Gershon closes on Jehovah’s Witnesses Dumbo building

Developer’s company secured roughly $100M in financing for 74 Adams Street
By Eddie Small | November 15, 2017 05:00PM

74 Adams Street

UPDATED, 10:46 a.m. Nov. 16: Developer Jeffrey Gershon has closed on his $60 million purchase of the Jehovah’s Witnesses building at 74 Adams Street, one of the religious group’s last remaining parcels in Dumbo.

The site holds a one-story garage and allows for the construction of about 200,000 square feet of retail and residential space. Gershon’s Hope Street Capital secured about $100 million in financing for the space, according to property records.

The financing was split between three loans: a building loan for about $60.5 million, a senior loan for $30 million and a project loan for about $9.5 million. All three loans are from Arkansas-based Bank of the Ozarks, one of the largest condominium lenders in the city.

The company filed plans with the Department of Buildings on Thursday to construct a 10-story residential building on the site with 165 residential units and 584 square feet of commercial space. The building, designed by ODA, will span 145,322 square feet and feature amenities such as a pool, exercise room, bike storage and parking.

Hope Street did not respond to a request for comment.

The Witnesses relocated their global headquarters to Warwick, New York and have been selling off their Brooklyn properties at a rapid clip. The organization recently sold its building at 21 Clark Street to Kayne Anderson Real Estate Advisors for $200 million and their buildings at 97 Columbia Heights and 119 Columbia Heights to Hawkins Way Capital for a total of $76 million.

Hope Street recently completed the development of the Hendrik, a 38-unit condo in Boerum Hill, in partnership with AEW Capital Management.