CIM, LIVWRK look to sell Dumbo rentals for $235M

Developers’ Front & York project is amenity-packed

New York /
Mar.March 12, 2021 09:00 AM
LIVWRK’s Asher Abehsera and CIM's Shaul Kuba with an aerial of 85 Jay Street (LIVWRK, Getty, Google Maps)

LIVWRK’s Asher Abehsera and CIM’s Shaul Kuba with an aerial of 85 Jay Street (LIVWRK, Getty, Google Maps)

Developers behind an amenity-packed residential project in Dumbo are looking to sell its rental portion for $235 million — the biggest offering of its kind so far this year in Brooklyn.

CIM Group and LIVWRK have put the 320-unit rental portion of their Front & York project on the market, according to an offering memo for the property.

The block of rentals is part of the 1.1 million-square-foot building at 85 Jay Street designed by architect Morris Adjmi. The development also includes 131,000 square feet of retail and 408 condominiums, which are not part of the offering.

But fitting with the luxury condo motif, the building is packed with high-end amenities that could be described as extravagant, even by the standards of one of Brooklyn’s most expensive neighborhoods.

The building includes more than 77,000 square feet of amenities including a luxury gym across three levels, a Kid’s Academy, a full-service salon and spa, a health-oriented cafe and the neighborhood’s largest indoor pool, according to the marketing memo.

The sellers are aiming for a price around $235 million, or about $374,000 per unit.

A spokesperson for CIM Group could not be reached for comment and a representative for LIVWRK declined to comment. The project is being marketed by Cushman & Wakefield’s Adam Spies and Doug Harmon, who declined to comment.

The developers topped out construction in September and the building is expected to get its temporary certificate of occupancy in the second quarter.

CIM and LIVWRK purchased the site, a former parking lot, for $345 million in 2016 with Kushner Companies from the Jehovah’s Witnesses. At the time, the investors were buying other properties in the neighborhood from the religious group that they renovated and leased as office space.

Kushner sold its stake to CIM and LIVWRK in 2018.

The condo portion’s projected sellout of $833 million made the project Brooklyn’s most expensive filing of 2019. The offering memo for the rental portion of the building said a new buyer could consider converting the rental units to for-sale condos.





    Related Articles

    arrow_forward_ios
    Ron Moelis, CFO and Founding Partner at L+M, and David Thompson, CFO and Principal at CIM, with the Two Bridges project (L+M, CIM, SHoP Architects)
    CIM Group, L+M Development file plans for 1.3M sf Two Bridges tower
    CIM Group, L+M Development file plans for 1.3M sf Two Bridges tower
    Life sciences firm moves HQ from Dumbo to 48K sf in LIC
    Life sciences firm moves HQ from Dumbo to 48K sf in LIC
    Life sciences firm moves HQ from Dumbo to 48K sf in LIC
    A rendering of 85 Jay Street and RXR Realty CEO Scott Rechler (Winick, Getty)
    RXR makes $220M apartment bet in Brooklyn
    RXR makes $220M apartment bet in Brooklyn
    CIM Group's Richard Ressler and HFZ's Ziel Feldman with 301 West 53rd Street, 235 West 75th Street and 90 Lexington Avenue (Getty, Google Maps)
    CIM Group claims HFZ, Feldman owe money even after foreclosures
    CIM Group claims HFZ, Feldman owe money even after foreclosures
    Larry Silverstein and The Denizen in Brooklyn above; and Scott Rechler with 555TEN in Hudson Yards top right. (Getty)
    The art of the (discounted) deal
    The art of the (discounted) deal
    1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
    CIM closes on $400M refi for 1440 Broadway
    CIM closes on $400M refi for 1440 Broadway
    1440 Broadway and CIM Group’s Shaul Kuba (Photos via CBRE and Getty)
    Here’s what tenants pay at CIM & QSuper’s 1440 Broadway
    Here’s what tenants pay at CIM & QSuper’s 1440 Broadway
    Ziel Feldman with Fifty Third and Eighth. (The Xi, 53rd and 8th)
    HFZ loses control of 4 Manhattan condo projects
    HFZ loses control of 4 Manhattan condo projects
    arrow_forward_ios

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

    Loading...