The Real Deal New York

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

163-unit project is rising in Crown Heights
By Will Parker | July 03, 2018 01:13PM

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.