NEW YORK, NY – New York-based, RXR Realty LLC has purchased a 320-unit rental apartment component of a mixed-use property in Brooklyn’s DUMBO neighborhood for $220 million.
The real estate operating and development company acquired the community from CIM Group and LIVWRK.
Located at 85 Jay St., the 320-unit multifamily community is located within a ground-up, mixed-use development that spans one full city block. The full property also consists of 407 for-sale condominium units known as Front & York, 140,000 square feet of retail space anchored by a 77,000-square-foot Life Time Fitness, and an attended garage with 660 parking spaces.
The property is situated across the street from the F train subway station and near the A and C train lines and the East River Ferry.
RXR acquired 85 Jay St. through its value added fund, which includes Massachusetts Pension Reserves Investment Management board and a LaSalle GPS separate account as co-investors. RXR entered into contract for the purchase of the building in April 2021, and the final close was completed just before the end of 2021.
“CIM Group has created an exceptional experience for residents at Front & York, part of its mixed-use development in the popular DUMBO neighborhood that includes the 85 Jay apartments and substantial community-focused retail,” says Shaul Kuba, co-founder and principal at CIM Group. “The development is a welcome addition that brings needed housing and services to the DUMBO area.”
Kuba adds, “CIM Group maintains ownership of our superior Front & York condominium residences, currently being marketed and achieving strong sales results, and the street level retail, where we are executing our leasing program that is targeting a mix of shops, dining, and amenities to meet the needs of the greater community as well as residents.”
“Located in one of Brooklyn’s most exciting and dynamic neighborhoods, 85 Jay St. is another great addition to RXR’s over 6,600-unit residential portfolio,” says RXR chairman and CEO Scott Rechler. “While some during the pandemic may have thought that New York City’s days were numbered, we never had any doubt that our city would come back better and stronger, and we put our money where our mouth is by investing in over $2 billion of multi-family properties in New York City and the greater New York metropolitan region.”