Kushner Leases Gallery Space for Jay Street Resi Project in Dumbo
Kushner Companies and partners CIM Group and LIVWRK will soon be opening a 4,047-square-foot sales gallery for their residential project at 85 Jay Street between Front and York Streets in Dumbo, Brooklyn, Commercial Observer has learned.
The trio has leased ground-floor retail space at nearby 10 Jay Street, a 10-story, 250,000-square-foot former warehouse, via a four-year lease, according to Benjamin Stavrach, the director of leasing and property management at Triangle Assets, which owns the property with Glacier Global Partners. The asking rent, Stavrach said, was $150 per square foot.
The deal closed last Friday, and the tenants will be moving in “shortly,” said Stavrach, who represented the owners in the transaction. From the sales gallery, Kushner, CIM and LIVWRK will be able to showcase their upcoming 21-story residential project on the old Jehovah’s Witnesses site.
Triangle Assets bought 10 Jay Street between John Street and Brooklyn Bridge Park in 1991, bringing Glacier on board in 2014. The building, which is the only privately owned building in Brooklyn Bridge Park, will open in 30 days following a $70 million renovation, Stavrach said.The first floor is dedicated to retail and floors two through 10 are for offices. Office tenants include marketing agency Translation, which last September increased its space at the property to 46,000 square feet, and Nuxeo in 12,560 square feet, as per a previous CO story.
Raphael Schwartz of Kushner represented the tenants in-house. A spokeswoman for Kushner didn’t respond to a request for comment.