RFR and Kushner Secure 4-Year Extension for $480M Dumbo Heights Loan
May 23 2024 - 11:20AM
Business Wire
WeWork Location at 77 Sands Remains in Place
Following Successful Lease Modification
RFR and Kushner Companies have secured a 4-year extension of the
existing $480 million loan on the 4-building, 750,000 square foot
Dumbo Heights mixed-use campus in Brooklyn, the companies announced
today. Additionally, the owners have completed a lease modification
with WeWork for continued occupancy of its space at 77 Sands Street
in Dumbo Heights, ensuring that the coworking firm retains this
critical location.
Situated between the Manhattan and Brooklyn Bridges at the
intersection of the Brooklyn Heights, Downtown Brooklyn, Vinegar
Hill and Dumbo neighborhoods, Dumbo Heights comprises 750,000
square feet of space across four adjacent buildings: 55 Prospect
Street, 81 Prospect Street, 117 Adams Street and 77 Sands Street.
In addition to the 56,000 square foot WeWork location at 77 Sands,
major office tenants include Etsy and Brooklyn Laboratory Charter
Schools.
RFR and Kushner have invested in a curated retail experience at
Dumbo Heights that serves both office tenants and the surrounding
neighborhood, including health and wellness spaces and notable
dining, entertainment, and lifestyle options. The current offering
includes Abhaya Yoga, Vivvi (providing childcare and early
learning), Ippudo NY, Springbone Kitchen, Randolph Beer (with a
stunning rooftop space at 77 Sands), Renataface, Ballet Slipper
Spa, F45 Fitness, Bluestone Lane, Solidcore, and El Gallo Taqueria
(opening Summer 2024).
The exclusive leasing agents for office space are Remy
Liebersohn, Jason Kroeger and Robert Lowe of Cushman &
Wakefield.
About RFR
RFR is a fully integrated real estate investment firm based in
New York City with a core focus on select urban markets in the
United States and Germany. Founded by Aby Rosen and Michael Fuchs
in the early 1990’s, the firm has been an active force in the New
York City and German real estate market for the past three decades.
RFR’s portfolio has grown to include more than 100 commercial,
residential, hotel, and retail properties located in select
domestic and international markets.
About Kushner Companies
Kushner is a multi-generational real estate development and
management firm headquartered in New York City. The company’s
diverse portfolio encompasses residential, commercial, retail,
hospitality, and industrial properties, with 12.9 million square
feet currently under development and over 26,500 apartments under
ownership across thirteen states. Kushner’s integrated team touches
upon every step of the development and management process for its
properties, creating an unparalleled and seamless experience for
their tenants, team members, and partners.
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Media: Great Ink
Communications – 212-741-2977 Sara Williams (sara@greatink.com)