85 Jay Street
The Building: The 1.1 million SF mixed-use building features twenty-one (21) stories and a total of 732 residential units and one (1) commercial unit. The zoning (D6) allows for mixed residential and commercial use. The property was originally built in 2018.
Recent Transactions: Last December, Spies and Harmon brokered a 99-year ground-lease of a 155,200SF office property in the Meatpacking District for $232 million.
The Buyer: RXR Realty is a leading owner and investor in premier commercial, residential, and mixed-use properties across NYC. They boast a commercial portfolio of ~25.5 million SF, and a residential portfolio of over 6,000 units. RXR Acquisition, a subsidiary organization, recently formed a Proptech SPAC seeking to raise $250 million.
Featured Recently: In February, RXR Realty acquired a 42% stake in two of Extell’s buildings (555 10th Ave. & 510 East 14th St.), for $336 million. The portfolio spans 750 units with a total value of $800 million.
The Seller: CIM Group, led by Shaul Kuba, Avi Shemesh & Richard Ressler is a real estate and infrastructure owner, operator, lender and developer with a portfolio of assets owned and operated totalling $29.2 billion. LIVWRK, founded by Asher Abehsera and Aaron Lemma is a real estate development company concentrated on mixed-use urban development, with a total portfolio of over 6+ million SF under development.
Featured Recently: In March, CIM Group, led by Shaul Kuba, Avi Shemesh & Richard Ressler refinanced 1440 Broadway, their 236,000 SF office tower located in Times Square, Manhattan for $400 million. Howard Marks’ Oaktree Capital, and JP Morgan Chase provided the loan.
Date: April 13, 2021