A joint venture of Namdar Realty and Klosed Properties has acquired the full-block retail and parking condominium at Front & York, located at 85 Jay St. in DUMBO, Brooklyn, for $54 million.
The trophy asset comprises 128,410 square feet of retail space beneath a 21-story, 727-unit luxury residential building. Completed in 2021, the property is one of the few modern, institutional-grade retail offerings in the neighborhood.
Currently 84% leased with a weighted average lease term exceeding 16 years, the retail condo features a lineup of national and local tenants, including CVS, Devoción, Petit Poussins, Lazy Sundaes, Nobody Told Me, iSmile Dental, Nightingale Cardiology and Tous Les Jours. Leases are being finalized with additional tenants, which will bring occupancy to 89%.
“This is the kind of deal you chase, a full-block, income-producing asset in the heart of DUMBO with real upside,” said Steven Kachanian, principal of Klosed Properties. “Our team moved quickly. We had this negotiated and signed in under three days. We’re excited to add this one to the portfolio.”
Life Time Fitness anchors the project in a separately owned retail condo, spanning 77,759 square feet. The remaining retail space enjoys nearly 460 feet of frontage along York Street and 260 feet along Jay St.
The seller was CIM Group. The transaction was brokered by Daniel O’Brien of Newmark.
