Published On: Thu, Aug 28th, 2014

Kushner, Rosen and Abehsera’s Dumbo $375 Million Gamble Paying Off

81 Prospect Street

Jared Kushner, Aby Rosen and Asher Abehsera’s $375 million gamble in Brooklyn known as Dumbo Heights is already looking like it’s going to pay off, as two firms have signed to take on large blocks of office space there, the New York Times has reported.

The first is WeWork, which is a Manhattan Manhattan co-working company that sublets furnished office space in sizes varying from a single desk up to thousands of square feet, will take 90, 000 square feet in the new complex at the building located at 81 Prospect Street. It will be the first of three new locations for WeWork which has eleven in Manhattan.

Jared Kushner told the Times about the deal that, “Dumbo Heights is creating a truly collaborative campus that works hand in hand with each of its tenants, and WeWork’s approach perfectly complements our partnership’s vision for the property.”

The other company to take space there is the on line retailer Etsy, which will occupy the entire space in the building at 117 Sands Street of and part of 55 Prospect Street for a total of 200, 000 square feet.

Formerly home to the Jehovah’s Witnesses, the Dumbo Heights complex will have 1.4 million square feet over five buildings. Their interiors are mostly unfinished and offer substantial space for media walls and sculptures. Underneath them there will be the latest in fiber optics and wireless technology.

“We really want to create a product you won’t find anywhere else in Brooklyn, or most of the city for that matter, ” Kushner told the New York “This is really Class-A space — the dark fiber, the new elevators, the restaurants and roof decks — inside the classic industrial spaces these firms love.”

The three remaining buildings there are commercial and have a total of 600, 000 square feet. Space there is currently going for the mid $50 per square foot range, but the developers are trying to get in the mid $60 range for the vacant upper floors. Besides the site’s iconic sky bridges, the complex is bound together by its

Developer Abehsera has the job of filling the site’s 90, 000 square feet of ground floor retail space with restaurants and shops that will fit in with the new style of Brooklyn, such as gluten free bakeries, hip bistros and sushi bars.. “It’s going to be like our little hipster kibbutz, ” Abehsera told the New York Times.

 

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