Asher Abehsera’s LIVWRK has closed on its acquisition of 1000 Dean Street in Crown Heights from BFC Partners, Goldman Sachs Urban Investment Group, and Jonathan Butler for $56 million. The developer secured a $61 financing package to buy and reposition the asset.
- Property details: The office building spans 155,000 square feet, and includes a ground-floor food court.
- Debt + Equity: The financing package includes a $45 million acquisition loan from Invesco and a $16 million equity investment from Meadow Partners.
- Flashback: The sellers paid $11 million for the property in 2012, and invested around $30 million in the property to cater to creative companies and startups. It’s now nearly 95 percent occupied.