Aby Rosen’s RFR Realty paid $135 million to purchase the 400,000-square-foot Jehovah’s Witnesses’ former residential hotel at 90 Sands Street, property records filed Tuesday show.
The building is part of a six-building portfolio that the Witnesses went into contract to sell to RFR, Kushner Companies, LIVWRK and Invesco for $375 million in 2013, according to The Real Deal.
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The group closed on the five other buildings – 117 Adams Street, 175 Pearl Street, 77 Sands Street, 88 Prospect Street and 55 Prospect Street – in 2013 for $240 million.
Kushner, Rosen to buy Watchtower building, Jay Street site for $700 Million: report
Earlier this year, Invesco was bought out of the other properties, and Normandy Real Estate Partners took a majority stake in 175 Pearl Street.
In the meantime, the owners made plans to convert 90 Sands into a 600-room hotel with Ian Schrager. But when it came time to close on 90 Sands, RFR sealed the deal by itself. A spokesperson for the company said RFR is “weighing its options regarding the property” but declined to comment further… [ continue reading at The Real Deal]
Kushner, CIM and LIVWRK close on Watchtower buy in Dumbo for $340 Million
