CIM Group paid nearly $30 million to buy into a Crown Heights site where LIVWRK has been planning a residential building, according to property records and LIVWRK CEO Asher Abehsera.
LIVWRK purchased the vacant lot at 111 Montgomery Street in 2015 for $24.5 million from the Brooklyn Botanic Garden, and records show that CIM Group then paid $29.7 million on June 9 for its stake.
The companies plan to build a 12-story residential building on the site designed by Karl Fischer. However, it is unclear whether or not construction on that project has started.
“This collaboration made sense, as we have complementary skill sets and a common vision to build an exceptional project for the community,” Abehsera said in a statement. “111 Montgomery will appeal to people with a high sensibility and appreciation for refined design.”
Representatives from CIM Group did not respond to a request for comment.
CIM Group and LIVWRK are also partnering with Kushner Companies on redeveloping Dumbo’s Watchtower building. The trio of companies, collectively known as Columbia Heights Associates, purchased the building roughly one year ago for $340 million, and its iconic Watchtower sign is due to come down soon.
Other recent deals in Crown Heights include E&M Associates’ purchase of 90 Sullivan Place from Chaim Miller for $21.5 million in September and BCB Property Management’s sale of three rental buildings for $37.8 million earlier last year.