Jared Kushner And JV Partners Pay $345M For Brooklyn Parking Lot
It’s a parking lot, and the buyers paid $345M for it.
This time, the familiar duo of Kushner (formerly called Kushner Cos) and the Asher Abehsera-led LIVWRK opted to team up with CIM Group. The trio are the new owners of 85 Jay St, a full-block site that comes with 1.1M SF of as-of-right, mixed-use development rights, the New York Post reports.
Cushman & Wakefield’s Bob Knakal worked with the Witnesses' in-house real estate group to rep the religious organization on the sale.
The three firms that bought the site are in the process of putting together a team of architects and consultants to help them figure out how to get the most out of the full-block site.
Kushner and LIVWRK have extensive holdings in the area courtesy of the Witnesses. The most recent of those to close is 25-30-50 and 58 Columbia Heights and 55 Furman St, an interconnected series of buildings best known for the giant “Watchtower” sign on the roof of 25-30 Columbia Heights. That acquisition, in which CIM Group also had a stake, was for $340M and closed in August. [NYP]