CIM, LIVWRK shoot for $150M sellout at 111 Montgomery Street

163-unit project is rising in Crown Heights

TRD New York /
Jul.July 03, 2018 01:13 PM

LIVWRK’s Asher Abehsera, CIM Group’s Shaul Kuba, and an old rendering at 111 Montgomery Street (Credit: CIM Group and Karl Fischer)

Development partners CIM Group and LIVWRK are looking to sell 163 condominiums at 111 Montgomery Street in Brooklyn for a total of $150 million, an offering plan filed with the New York State Attorney General’s office shows.

The Crown Heights site was originally controlled by LIVWRK, with CIM buying into the project for $30 million last year. LIVWRK first bought the vacant lot near the Brooklyn Botanic Garden in 2015, paying $24.5 million.

Representatives for both companies did not immediately return requests for comment.

The developers have plans for a 12-story, 132,000-square-foot building at the address. Building permit applications were filed in 2015 by the wife of the site’s previous owner, Cornell Realty’s Isaac Hager.

CIM recently bought out partner Kushner Companies in two major Brooklyn development sites: a $1 billion skyscraper development project at 85 Jay Street and a commercial complex at 25-30 Columbia Heights. LIVWRK is still a partner in both developments.


Related Articles

arrow_forward_ios
An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now

Real estate titans … and their toys

arrow_forward_ios