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Real estate giants RFR and Kushner appear to have a new partner at an office property in Dumbo.
The firms have sold an interest in 81 Prospect St. to Brooklyn-based developer Jack Guttman for about $33.8 million, property records show. Guttman seems to have only purchased a stake in the building rather than the building outright, although the exact size of this stake was unclear.
Representatives for RFR and Kushner did not respond to requests for comment by press time. Guttman could not be reached.
RFR and Kushner purchased the property from Invesco Real Estate in 2017 for about $50.6 million, property records show. It is part of their mixed-use campus in the ritzy Brooklyn neighborhood that spans 750,000 square feet across four adjacent buildings: 81 Prospect St., 55 Prospect St., 117 Adams St. and 77 Sands St. The firms announced in May that they had landed a four-year extension of the $480 million loan on these properties and negotiated a deal with WeWork to remain at 77 Sands St.
Other office tenants in the complex include Etsy and Brooklyn Laboratory Charter Schools, while retailers include F45 Fitness, Bluestone Lane and Randolph Beer.
The building at 81 Prospect St. stands nine stories tall and spans 95,000 square feet with estimated asking rents ranging from $58 to $71 per square foot, according to the commercial real estate database CoStar.
RFR, led by Aby Rosen, is an owner of the Chrysler Building and the Seagram Building, and the firm recently sold its mixed-use property at 980 Madison Ave. on the Upper East Side to Bloomberg for $560 million.
The firm has run into problems at some of its other properties, however. Fitch recently downgraded its office building at 90 Fifth Ave. following a missed tax payment, and a lender has moved to foreclose on its property at 522 Fifth Ave. over RFR’s failure to pay off a $224 million loan that was due in March.
Kushner has sold off several of its properties in the city recently, particularly in the East Village. The firm also lost its Times Square retail property at 229 W. 43rd St. to foreclosure earlier this year.
Eddie Small , 2024-06-19 19:06:31
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