
RXR Closes on Deal for Rentals at 85 Jay St.
(Updated with additional information)
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. Capital One provided a $154-million acquisition loan to RXR.
- ◦Sale/Acquisition