RXR Realty Acquires Mixed-Use Property in DUMBO for $220M
RXR Realty purchases 85 Jay St., a 1.1M SF mixed-use property in DUMBO, from CIM Group and LIVWRK for $220M.
RXR Realty has closed on the purchase of 85 Jay St., a 1.1 million square foot mixed-use property in the DUMBO neighborhood of Brooklyn, for $220 million. The property was sold by CIM Group and LIVWRK.
The property consists of 320 residential units and 65,000 square feet of retail space. The residential units are a mix of studios, one-bedroom, two-bedroom, and three-bedroom apartments. The retail space is currently occupied by a variety of tenants, including a grocery store, a fitness center, and several restaurants.
The property was originally built in 1900 as a warehouse and was converted to residential and retail use in 2017. The building features high ceilings, large windows, and modern finishes.
RXR Realty is a New York-based real estate investment and development firm with a portfolio of properties across the United States. The firm has been active in the New York City market in recent years, acquiring several high-profile properties.
CIM Group is a Los Angeles-based real estate investment firm with a portfolio of properties across the United States. The firm has been active in the New York City market in recent years, acquiring several high-profile properties.
LIVWRK is a Brooklyn-based real estate development and investment firm. The firm has been active in the DUMBO neighborhood, where it has developed several properties.
The brokers on the transaction were not disclosed.
The sale of 85 Jay St. is the latest in a series of high-profile real estate transactions in the DUMBO neighborhood. The area has seen significant development in recent years, with several new residential and commercial properties being built. The neighborhood is known for its historic architecture, waterfront views, and vibrant arts scene.