CIM and LIVWRK market Front & York Rentals for $ 235 million
The developers behind a feature-rich residential project in Dumbo are looking to sell its rental portion for $ 235 million – the biggest deal of its kind yet this year in Brooklyn.
The CIM Group and LIVWRK have put on the market the rental part of 320 units of their Front & York project, according to an offer note for the property.
The rental block is part of the 1.1 million square foot building at 85 Jay Street designed by architect Morris Adjmi. The development also includes 131,000 square feet of retail and 408 condominiums, which are not part of the offering.
But matching the luxury condo motif, the building is packed with high-end amenities that could be described as extravagant, even by the standards of one of Brooklyn’s more expensive neighborhoods.
The building includes more than 77,000 square feet of amenities, including a luxury three-level gym, a children’s academy, a full-service salon and spa, a health-focused cafe and the world’s largest indoor swimming pool. of the neighborhood, according to the marketing memo.
The sellers are aiming for a price of around $ 235 million, or roughly $ 374,000 per unit.
A spokesperson for the CIM group could not be reached for comment and a representative for LIVWRK declined to comment. The project is being marketed by Adam Spies and Doug Harmon of Cushman & Wakefield, who declined to comment.
The developers completed construction in September and the building is expected to obtain its temporary occupancy certificate in the second quarter.
CIM and LIVWRK bought the site, a former parking lot, for $ 345 million in 2016 from the Kushner companies of Jehovah’s Witnesses. At the time, investors were buying other properties in the neighborhood from the church group which they were renovating and renting out as offices.
Kushner sold its stake to CIM and LIVWRK in 2018.
The planned sale of the $ 833 million condo portion made the project Brooklyn’s most expensive case of 2019. The offer note for the rental portion of the building indicated that a new buyer may consider converting the property. rental units in condos for sale.