Namdar Realty Acquires Prime Retail Units in Dumbo for $55M

Shopping mall mogul Igal Namdar has acquired a set of prime retail units in Brooklyn’s Dumbo neighborhood for $54.5 million, according to city records made public Monday.

Namdar Realty Group, through the entity Jay Front Realty, bought two ground-floor retail units at 85 Jay Street from CIM Group, which used the entity 85 Jay Street (Brooklyn), records show.

Namdar himself signed the deal for the buyer, while David Thompson, chief financial officer at CIM Group, signed for the seller, according to records.

It’s unclear who brokered the deal. Spokespeople for Namdar and CIM Group did not immediately respond to requests for comment.

It’s also unclear which specific retail units at the property were sold, as the building between York and Front streets, also known as Front & York, has a total of four units of retail space.

The building’s current retail tenants include anchor tenant Life Time Fitness in 77,000 square feet and CVS Pharmacy in 12,350 square feet, as well as restaurant and cocktail bar Nobody Told Me, veterinary practice The Animal Cardiology Center and bilingual day care center Petits Poussins in smaller retail spaces.

Developed by CIM Group and LIVWRK in 2021, Front & York includes a pair of 21-story towers with 407 for-sale condominium units, a large private park, 150,000 square feet of amenities and 660 parking spots, according to its website.

In 2022, CIM Group and LIVWRK sold the separate 320-unit rental apartment component of the project to RXR for $220 million, according to a release at the time. The rental apartment component features 140,000 square feet of retail space anchored by Life Time, which CIM Group had maintained ownership of as part of that deal.

“CIM Group has created an exceptional experience for residents at Front & York, part of its mixed-use development in the popular Dumbo neighborhood that includes the 85 Jay apartments and substantial community-focused retail,” Shaul Kuba, a co-founder and principal at CIM Group, said in a statement at the time. “The development is a welcome addition that brings needed housing and services to the Dumbo area.”

News of the retail sale comes during a busy time for Downtown Brooklyn.

Just this week, BH3 Management and Capstone Equities acquired the 24-story office building at 141 Willoughby Street with plans to transform it into 200 rental apartments and 110,000 square feet of commercial space, as Commercial Observer reported.

And in March, Steiner NYC paid $418.6 million to buy out J.P. Morgan Asset Management and acquire full control of the massive 55-story residential tower at 333 Schermerhorn Street, which features 750 apartment units, CO previously reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.