Aby Rosen’s RFR pockets quick profit
Affordable housing developer Breaking Ground has acquired 90 Sands Street in Dumbo from Aby Rosen’s RFR Realty for $170 million.
Acquisition financing: Breaking Ground secured a $157 million loan from the NYC Department of HPD to close on the deal. The loan will also go towards the conversion of the property into “affordable and supportive housing”.
Be Smart: The property spans 400,000 SF, and was part of the six-building portfolio that was sold by the Jehovah’s Witnesses in 2013.
Quick money: RFR acquired the property from Kushner Companies + LIVWRK last year for $135 million.