RXR buys Brooklyn apartment community for $220m

CIM Group and LIVWRK have closed on the sale of the 320-unit rental apartment component to RXR at 85 Jay St. in Brooklyn’s DUMBO neighborhood.

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. It acquired 85 Jay Street through its value-added fund, including Massachusetts Pension Reserves Investment Management (PRIM) Board and a LaSalle GPS separate account as co-investors.

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.

“CIM Group has created an exceptional experience for residents at Front & York, part of its mixed-use development in the popular DUMBO neighborhood t