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Scott Rechler’s RXR buys 85 Jay Street for $220M

Scott Rechler’s RXR Realty has entered a contract to acquire the rental portion of CIM Group + LIVWRK’s 85 Jay Street in Dumbo for $220 million, according to The Real Deal. The new, 320-apartment luxury asset will be delivered vacant in September. 

Worth Noting: The rental component is part of Front & York, a 1.1 million-SF, full block development that includes 131,000 SF of retail and 408 condos, which were not included in the sale.

Flashback: The sellers purchased the Jehovah’s Witnesses development site for $345 million in 2016, and subsequently secured over $600 million in construction financing from J.P. Morgan.

Luxurious amenities: The massive Brooklyn complex is laden with over 150,000 SF of amenities. The offerings include one of the city’s largest private parks, a roof deck with a swimming pool, a Life Time facility with a full-size basketball court + fitness studios, and a full-service salon. There will also be a private chef’s kitchen, a cafe + coffee lounge, a library, a children’s playroom, a teenagers’ lounge, a game room, and a screening room.

Brokers: A Cushman & Wakefield team led by Adam Spies and Doug Harmon facilitated the sale. Other brokers who worked the deal included: Adam Doneger, Marcella Fasulo, Michael Collins, and Dan O’Brien. [TRD+BW+YIMBY]

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