Jehovah’s Witnesses sell 85 Jay St. to Jared Kushner-led partnership
On Tuesday, Jehovah’s Witnesses sold 85 Jay St. to an investment partnership led by Kushner Companies, CIM Group and LIVWRK. Spanning an entire city block in burgeoning DUMBO, the 135,000-square foot development site, currently a parking lot, comes with 1.1 million square feet in as-of-right development rights.
The CEO of Kushner Cos. is Jared Kushner, who is President-elect Donald Trump’s son-in-law.
The acquisition comes on the heels of the partnership’s August purchase of 25-30 Columbia Heights, the historic Brooklyn Heights headquarters of the Witnesses, from Watchtower Real Estate. The 739,000-square-foot property set on 2.3 acres includes five addresses: 25, 30, 50 and 58 Columbia Heights and 55 Furman St. The partnership intends to renovate and reposition the property into a world-class office campus.