Real estate investment firm RFR Realty LLC sold a former Jehovah's Witnesses building at 90 Sands St. in downtown Brooklyn, N.Y., for $170 million, the Commercial Observer reported.
The buyer, Breaking Ground, obtained a $157 million loan to fund the acquisition and the redevelopment of the site into a rental building tailored for affordable and supportive housing.
RFR Realty bought the 30-story building with 507 units from Kushner Cos. and LIVWRK in 2017.
The New York City Department of Housing Preservation and Development provided the loan to a special-purpose entity that will likely take charge of the redevelopment, the publication noted, citing city filings. Breaking Ground, which operates close to 4,000 housing units across New York City, also provided $16.8 million in separate loans to the funding vehicle behind the project.
Comments from Breaking Ground and the housing department were not immediately available, according to the publication.