RXR In Contract to Purchase DUMBO Rental Component for $220M

The 320 rental units within the new luxury Front & York mixed-use building located in Brooklyn’s DUMBO neighborhood at 85 Jay Street will soon have a new owner. RXR Realty has entered into contract to purchase the market-rate units from co-developers CIM Group and LIVWRK for $220 million, or $687,500 per unit. News of the pending transaction delivers an encouraging sign for New York real estate, representing the “first big deal for a market-rate rental building to come up for sale and go into contract since the pandemic started last spring.” The rental component is expected to be delivered vacant in September; while the building’s 131,000 square feet of retail space and 408 condominium units will be retained by the developers.

Source:    https://therealdeal.com/2021/04/13/rxr-makes-220m-apartment-bet-in-brooklyn/