Behind the Deal: Kushner's Latest Big Buy in Brooklyn
Kushner Cos with LIVWRK and Rockpoint Group is under contract to buy 184 Kent Ave (pictured below), the converted multifamily rental on the waterfront in Williamsburg, for $275M, the New York Post reports.
It's one of a string of deals in the borough: Kushner and LIVWRK partnered last spring with SL Green and bought a 140k SF mixed-used site in Gowanus. And in 2013, they bought Dumbo Heights, the massive former Jehovah’s Witnesses HQ, for $375M with Invesco and RFR. Calls to Kushner, LIVWRK and Rockpoint seeking comment were not returned by press time.
The $275M sales price for the eight-story, 338-unit property on the Williamsburg waterfront comes in at just under $900k per unit. “Frankly that’s pretty low replacement cost so it sounds like they made a good purchase,” Douglaston Development chairman Jeffrey Levine (pictured above) tells us. Douglaston opened The Edge in 2010, and One North 4th, right next to 184 Kent, just moved in its first tenants this past weekend. Jeffrey says says five years ago, that price tag would have been too high. "But I’ve been a genius, a moron, and a genius again in less than five years in Williamsburg.”