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Report: Kushner JV buying partner out of Brooklyn, NY, portfolio for $600M

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Report: Kushner JV buying partner out of Brooklyn, NY, portfolio for $600M

Kushner Cos., RFR Realty and LIVWRK are buying out their partner Invesco's majority equity stake in a five-building Dumbo Heights office and retail development in Brooklyn, N.Y., The Real Deal reported, citing sources familiar with the deal.

The trio are shelling out $600 million to fully own four of the buildings, while a majority stake in the remaining property is being snapped up by Normandy Real Estate Partners for $100 million.

Invesco is shedding its dominant stake in the five-building complex, which was recently appraised at $700 million. The nearly 1.2 million-square-foot complex, formerly Jehovah's Witnesses buildings, was acquired for $375 million in 2013, the news outlet noted.

Normandy will lead the redevelopment and leasing of the vacant eight-story, 204,000-square-foot property at 175 Pearl St., in which Kushner, RFR and LIVWRK will hold a "single-digit" minority stake, sources told The Real Deal. Normandy landed a $91 million acquisition and redevelopment loan from Blackstone Group LP for the deal, the report said, citing the sources.