Kushner Companies, LIVWRK, and the CIM Group have closed on the purchase, for $345 million, of the 135,000-square-foot development site at 85 Jay Street, in DUMBO. The full-block property, currently vacant, could accommodate up to 1.1-million square feet of mixed-use development, the New York Post reported. The new owners plan to develop the site within current zoning laws. A project “with mixed uses” is planned, although plans are very preliminary. It was reported earlier that the site could host as many as 1,000 residential units. The team is in the process of hiring architects and consultants.
The Jehovah’s Witnesses has selected a buyer for its four-story recreational building at 69 Adams Street, located on the corner of Front Street in DUMBO. Neither the buyer nor the price of the sale have been disclosed, but it’s expected to close before 2017, the Brooklyn Daily Eagle reported. The 17,490-square-foot site can accommodate up to 157,410 square feet of mixed-use development, in the form of residential, commercial, and/or community facility space. Plans for the site have not been disclosed.
Back in 2013, Kushner Companies, RFR Realty, and LIVWRK acquired, for $375 million from the Jehovah’s Witnesses, the five-building, 1.25-million square-foot commercial complex at 55 and 81 Prospect Street, 117 Adams Street, 77 Sands Street, and 175 Pearl Street. The developers have since converted the collection of mid-rise buildings into offices and retail space, dubbed DUMBO Heights. The developers are now constructing a two-block-long public plaza along Sands Street between Adams and Jay streets, according to the Wall Street Journal. The plaza will extend the 15-foot-wide sidewalk by 15 feet. It will include public artwork, seating, and planters. La Fantástica is behind the design, and the Dumbo Improvement District is associated with the project. Current office tenants in the complex including WeWork Cos., Etsy Inc., Frog Design, Alexis Bittar Inc., and retail tenants include Randolph Beer, fitness center Shadowbox, Row House, Bluestone Lane Coffee, and Dig Inn. Roughly 350,000 square feet of commercial space remains vacant, according to Real Estate Weekly.
Back in February of 2014, YIMBY reported on applications for a 12-story, 42-unit condominium building at 1 John Street, in DUMBO. Then in June of 2015, we reported on the project when its skeleton was 10 stories constructed. Now, the 123,200-square-foot structure is fully clad, Curbed NY reports. Dubbed One John Street, its residential units should average a spacious 2,801 square feet apiece. The condos will range from two- to four-bedroom configurations and include four penthouses. Amenities include a landscaped rooftop deck, individual rooftop cabanas, a waterfront promenade, a fitness center, a bike storage room, laundry facilities, and private residential storage units. The ground floor will feature a 3,000-square-foot restaurant and 2,551 square feet of space for the Brooklyn Children’s Museum Studio. Occupancy is expected this summer. Alloy Development (who designs its project’s in-house) and Monadnock Construction are the developers.
RFR Holding, LIVWRK, and Kushner Companies are preparing to enter into contract to purchase the 11-story, 733,000-square-foot office complex at 25-30 Columbia Heights, in Brooklyn Heights, in addition to the vacant full-block, 135,000-square-foot development site at 85 Jay Street, in DUMBO, from the Jehovah’s Witnesses. The team of developers are paying $700 million for the properties, according to the New York Post. 25-30 Columbia Heights, which is commonly called the “Watchtower,” is the organization’s current headquarters. It could possibly be turned into a commercial hub, similar to how the same developers converted the former Jehovah’s Witnesses properties at 81 Prospect Street into offices back in 2014. As for 85 Jay Street, the site has been long approved for roughly 1.1 million square feet of development. That’s as many as 700 to 1,000 residential units, which could boost the neighborhood’s population by a third, Brownstoner reported a few months ago.