A block long lot in Brooklyn has been acquired by Kushner and LIVWRK real estate companies.
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Jared Kushner has contracted to purchase a block long development in the Gowanus neighborhood of Brooklyn for as much as $80 million. His Kushner Companies is partnering in the deal with Asher Abehsera’s LIVWRK, this according to a report in The Real Deal.
The development is located across the street from a new Whole Foods Market on a three acre plot running from 175 to 225 Third Street in Brooklyn and can offer 600 feet of frontage for a total of 150, 000 square feet of retail space. It is zoned for both commercial and mixed use properties. It currently allows for a building of up to 300, 000 square feet, but the Real Deal reports that it is possible that the new owners could get authorization for a residential mixed-use project of more than a million square feet
Kushner and LIVWRK previously partnered last July when they acquired six properties in the Dumbo neighborhood of Brooklyn from the Jehovah’s Witnesses in a $375 million deal for the religious group’s Watchtower properties in Brooklyn. An agreement to sell the sixth building will close in 2017. The properties are named after the official magazine “The Watchtower” of the Christian sect. The 1.2 million-square-foot complex will be at least 50% offices when its redevelopment and renovation plan is complete.
Those properties are located close to the Manhattan and Brooklyn bridges.
Gowanus is an area zoned for light to mid-level manufacturing. New York City is currently considering plans to rezone and redevelop the area for more residential and mixed use properties.
The son of developer Charles Kushner, and the husband of Ivanka Trump, Jared Kushner is the principal owner of his family’s Kushner Properties, a real estate development and holding company. Jared Kushner also owns The New York Observer and has an estimated $200 million net worth.
Mr. Kushner is also the CEO of Kushner Companies, a diversified private real estate organization involved in the ownership, management, development and redevelopment of numerous properties.
Asher Abehsera is the owner and CEO of LIVWRK which he founded in 2013. Before that he was the General Manager of Two Trees Management Company where, for eight years, he oversaw residential asset management, acquisitions, sales and rentals, as well as marketing for more than $2 billion in class A multifamily & mixed use real estate.
LIVWRK is a principal based real estate company concentrated on mixed use urban development. It practices handcrafted development and planning of every element of the design and engineering process, from the inception of a project to its completion.