Aby Rosen in talks to sell 90 Sands to affordable developer: report

Breaking Ground expected to close on 30-story hotel in September

TRD New York /
Jun.June 20, 2018 08:59 AM

Aby Rosen, Brenda Rosen, and 90 Sands Street (Credit: Getty Images, Twitter, and Google Maps)

Aby Rosen is in talks to sell his recently acquired 90 Sands Street in Dumbo to an affordable housing developer, according to a new report. Rosen had been planning to convert the vacant former Jehovah’s Witnesses building into a modern hotel.

Rosen’s RFR Realty is expected to close on the sale of 90 Sands Street to developer Breaking Ground by September, with work to begin on the building in February, according to the Brooklyn Eagle. It is not immediately clear what the value of the deal would be.

The outlet reported that Brenda Rosen, Breaking Ground’s chief executive (no relation), will present its plans to Community Board 2 to “create low-to-moderate income and supportive housing” at the 30 story, 507-unit tower.

RFR bought 90 Sands in September last year for $135 million, and planned to convert the building into a 600-room hotel with partner Ian Schrager.

The 400,000-square-foot tower was part of a six building portfolio sold by the Jehovah’s Witnesses that had gone into contract with RFR, Kushner Companies, LIVWRK and Invesco for $375 million in 2013. The five other buildings – 117 Adams Street, 175 Pearl Street, 77 Sands Street, 88 Prospect Street and 55 Prospect Street – were sold to the partners in 2013 for $240 million. [Brooklyn Eagle] — David Jeans 


Related Articles

arrow_forward_ios
A mass timber project in Cleveland is now under construction and could be the nation’s tallest when completed. Harbor Bay Real Estate Advisors’ Intro development will rise nine stories with 298 residential units (Credit: Harbor Bay Real Estate Advisors)

Mass timber project in Cleveland could be nation’s tallest

Mass timber project in Cleveland could be nation’s tallest
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Aby Rosen and Lever House at 390 Park Avenue (Credit: Getty Images, Google Maps)

Aby Rosen hands over Lever House to Tod Waterman and Brookfield

Aby Rosen hands over Lever House to Tod Waterman and Brookfield
Photo illustration of Sen. Brian Kavanagh (Credit: Kavanagh by Albin Lohr-Jones/Pacific Press/LightRocket, Getty Images, iStock)

Lawmakers skip #CancelRent in favor of more modest bills

Lawmakers skip #CancelRent in favor of more modest bills
The process for challenging property assessments is so antiquated, officials won’t do Zoom meetings. (iStock)

“A recipe for disaster”: Fighting property taxes in a pandemic

“A recipe for disaster”: Fighting property taxes in a pandemic
Aby Rosen of RFR Realty and the Chrysler Building (Getty; iStock)

Aby Rosen is bringing back the Chrysler Building’s observation deck

Aby Rosen is bringing back the Chrysler Building’s observation deck
Andrew Florance, CEO of CoStar (Photo by Jeffrey MacMillan for the Washington Post)

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts
arrow_forward_ios

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

Loading...