CIM Group and LIVWRK closed on the sale of the 320-unit rental apartment component at 85 Jay St. in Brooklyn’s DUMBO neighborhood to RXR. RXR entered into contract for the purchase of the building for $220 million in April 2021, with final close taking place just before the end of the year.
85 Jay St. is a ground-up, mixed-use development spanning one full city block comprising 407 for-sale condominium units known as Front & York, a separate 320-unit rental apartment complex, 140,000 square feet of retail space anchored by a 77,000-square-foot flagship Life Time Fitness, and an attended garage with 660 parking spaces.
“Located in one of Brooklyn’s most exciting and dynamic neighborhoods, 85 Jay St. is another great addition to RXR’s over 6,600-unit residential portfolio,” said RXR chairman and CEO Scott Rechler.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).