CIM Group Sells 320-Unit Rental Apartment Community to RXR in Brooklyn’s DUMBO Neighborhood
NEW YORK--(BUSINESS WIRE)--CIM Group and LIVWRK announced today that they have closed on the sale of the 320-unit rental apartment component to RXR at 85 Jay St. in Brooklyn’s DUMBO neighborhood. RXR entered into contract for the purchase of the building for $220 million in April 2021, with final close taking place just before the end of the year.
85 Jay St. is a ground-up, mixed-use development spanning one full city block comprising 407 for-sale condominium units known as “Front & York”, a separate 320-unit rental apartment complex, 140,000 square feet of retail space anchored by a 77,000-square-foot flagship Life Time Fitness, and an attended garage with 660 parking spaces.
“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. The development is a welcome addition that brings needed housing and services to the DUMBO area,” said Shaul Kuba, Co-Founder and Principal, CIM Group. “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 Street is another great addition to RXR’s over 6,600-unit residential portfolio,” said 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.”
85 Jay St. is located in the heart of DUMBO, Brooklyn’s premier waterfront neighborhood. The property is located across the street from the F train subway station, one stop from Manhattan, and a few minutes from the A and C train lines, multiple bus lines, and the East River Ferry.
CIM Group brings its long-standing development and operational expertise, including construction management, property management, sales, and leasing to enhance its properties in Brooklyn as well as bringing new concepts to the neighborhood as it has done in other communities across North America.
RXR acquired 85 Jay Street through its Value Added Fund, including Massachusetts Pension Reserves Investment Management (PRIM) Board and a LaSalle GPS separate account as co-investors.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.
About RXR Realty
Headquartered in New York with a national platform strategy, RXR Realty LLC (“RXR”) is a 500+ person, vertically integrated real estate operating and development company with expertise in a wide array of value creation activities, including ground up real estate development, uncovering value in underperforming properties, repurposing well-located iconic properties, incorporating cutting edge real estate technologies and value-added lending. The RXR platform manages 80 commercial real estate properties and investments with an aggregate gross asset value of $21.8 billion, comprising approximately 29.5 million square feet of commercial properties, a multi-family residential portfolio of approximately 6,000 units under operation or development, and control of development rights for an additional approximately 2,900 multi-family and for sale units in the New York Metropolitan area as of September 30, 2021 adjusted for transactions that occurred through November 1, 2021. Gross asset value compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage. For more information, please visit: www.rxrrealty.com.
Founded in 2013, LIVWRK is a Brooklyn-based real estate company concentrated on mixed-use urban development. The firm specializes in large-scale creative developments, meticulously planning every element of the design and engineering process from the inception of a project to its completion.
The firm’s first acquisition is known as Dumbo Heights, a 1.3M square foot, six-building warehouse complex located in DUMBO Brooklyn that LIVWRK converted from its former use as a printing press facility into an unrivaled creative work campus and retail destination.
Other projects include PANORAMA, a collection of five interconnected office and warehouse buildings originally built in the 1920s by Squibb Pharmaceutical and subsequently used by the Jehovah's Witnesses as their global headquarters; as well as Front & York, a ground-up 1.2M square foot mixed-use residential and retail building rising now on a full block in the heart of DUMBO, Brooklyn.