RFR and Kushner Secure 4-Year Extension for $480M Dumbo Heights Loan

WeWork Location at 77 Sands Remains in Place Following Successful Lease Modification

NEW YORK--(BUSINESS WIRE)--RFR and Kushner Companies have secured a 4-year extension of the existing $480 million loan on the 4-building, 750,000 square foot Dumbo Heights mixed-use campus in Brooklyn, the companies announced today. Additionally, the owners have completed a lease modification with WeWork for continued occupancy of its space at 77 Sands Street in Dumbo Heights, ensuring that the coworking firm retains this critical location.

Situated between the Manhattan and Brooklyn Bridges at the intersection of the Brooklyn Heights, Downtown Brooklyn, Vinegar Hill and Dumbo neighborhoods, Dumbo Heights comprises 750,000 square feet of space across four adjacent buildings: 55 Prospect Street, 81 Prospect Street, 117 Adams Street and 77 Sands Street. In addition to the 56,000 square foot WeWork location at 77 Sands, major office tenants include Etsy and Brooklyn Laboratory Charter Schools.

RFR and Kushner have invested in a curated retail experience at Dumbo Heights that serves both office tenants and the surrounding neighborhood, including health and wellness spaces and notable dining, entertainment, and lifestyle options. The current offering includes Abhaya Yoga, Vivvi (providing childcare and early learning), Ippudo NY, Springbone Kitchen, Randolph Beer (with a stunning rooftop space at 77 Sands), Renataface, Ballet Slipper Spa, F45 Fitness, Bluestone Lane, Solidcore, and El Gallo Taqueria (opening Summer 2024).

The exclusive leasing agents for office space are Remy Liebersohn, Jason Kroeger and Robert Lowe of Cushman & Wakefield.

About RFR

RFR is a fully integrated real estate investment firm based in New York City with a core focus on select urban markets in the United States and Germany. Founded by Aby Rosen and Michael Fuchs in the early 1990’s, the firm has been an active force in the New York City and German real estate market for the past three decades. RFR’s portfolio has grown to include more than 100 commercial, residential, hotel, and retail properties located in select domestic and international markets.

About Kushner Companies

Kushner is a multi-generational real estate development and management firm headquartered in New York City. The company’s diverse portfolio encompasses residential, commercial, retail, hospitality, and industrial properties, with 12.9 million square feet currently under development and over 26,500 apartments under ownership across thirteen states. Kushner’s integrated team touches upon every step of the development and management process for its properties, creating an unparalleled and seamless experience for their tenants, team members, and partners.