RFR and Kushner Companies have entered into a contract to acquire six properties in Brooklyn from the Watchtower Bible and Tract Society ofInc. The properties, all located in the heart of the DUMBO (Down Under the Manhattan Bridge Overpass) neighborhood, will be purchased for $375 million and will be redeveloped in partnership with LIVWRK Holdings.
Theincluded in the portfolio are: 117 Adams Street; 175 Pearl Street; 55 Prospect Street; 81 Prospect Street; 77 Sands Street and 90 Sands Street. Together, the properties total more than 1.2 million sq. ft. of commercial space.
“We are delighted to partner with Kushner Companies and team with LIVWRK to become the new stewards for these exceptional properties in this burgeoning neighborhood,” Jason Brown, RFR’s head of acquisitions, said in a statement.
“These properties feature large, creativespace right in the heart of the growing Brooklyn tech triangle. We look forward to playing a key role in the continued improvement of the neighborhood and advancement of the market,” Kushner Companies CEO Jarer Kushner said in a statement.