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85 Jay Street Update 02/04/22

RXR Realty Buys Stake in Massive DUMBO Residential Development

Property development titan, RXR Realty has just closed on a deal to purchase a portion of 85 Jay Street; a brand new residential building in DUMBO, Brooklyn. The company paid $220 million to the project's developers, CIM Group, and LIVWRK for 320 of the building's  units.

Recently completed by in the Summer of 2021, the structure contains both rental apartments, and condo units. RXR Realty's purchase only encompasses the rental unit portion. CIM Group will still maintain ownership of all 408 condo units, which are collectively branded as "Front & York".

Designed by , the 21-story building single-handedly fills an entire city block and totals an impressive square feet. In addition to the colossal residential component, it offers roughly square feet of retail space on the bottom two floors. The property also boasts a private park located right in the center of the building at ground level.

The list of tenant amenities on offer is truly extensive. According to the Front & York website, "Residents have access to a range of amenities on the 8th-floor podium roof terrace including a co-working lounge, media lounge, game room, music room, kids playroom, party lounge, chef’s kitchen, bar, and billiards room, wine room, coffee lounge, outdoor screening area, and outdoor pool with grilling area. A three-level Life Time Fitness flagship will offer an indoor pool, full-size basketball court, fitness floor, five studios, and space for personal and small group training."

85 Jay Street also has an enclosed parking garage with enough room for vehicles. This is reportedly the largest residential garage in DUMBO.

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