Aby Rosen is in talks to sell his recently acquired 90 Sands Street in Dumbo to an affordable housing developer, according to a new report. Rosen had been planning to convert the vacant former Jehovah’s Witnesses building into a modern hotel.
Rosen’s RFR Realty is expected to close on the sale of 90 Sands Street to developer Breaking Ground by September, with work to begin on the building in February, according to the Brooklyn Eagle. It is not immediately clear what the value of the deal would be.
The outlet reported that Brenda Rosen, Breaking Ground’s chief executive (no relation), will present its plans to Community Board 2 to “create low-to-moderate income and supportive housing” at the 30 story, 507-unit tower.
RFR bought 90 Sands in September last year for $135 million, and planned to convert the building into a 600-room hotel with partner Ian Schrager.
The 400,000-square-foot tower was part of a six building portfolio sold by the Jehovah’s Witnesses that had gone into contract with RFR, Kushner Companies, LIVWRK and Invesco for $375 million in 2013. The five other buildings – 117 Adams Street, 175 Pearl Street, 77 Sands Street, 88 Prospect Street and 55 Prospect Street – were sold to the partners in 2013 for $240 million. [Brooklyn Eagle] — David Jeans