Invesco buys stake from Kayne Anderson valued at $81.5M in Brooklyn Heights assisted living

Invesco through the entity Longevity Co-Investor, LLC acquired a 54.36 percent interest from Kayne Anderson  through the entity KASL Master JV Member, LLC valued at $81.5 million for a stake in the  assisted living facility The Watermark at Brooklyn Heights, (H8) at 79 Willow Street in Brooklyn Heights, Brooklyn.
The deal closed on February 12, 2026 and was recorded on February 26, 2026. The property has 356,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot gross up to 100 percent is $424 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on October 31, 2017, for $202.5 million. This is a 54.36% stake with a transfer value of $81.5 million. Kayne Anderson bought this in October 2017 for $202.5 million from Jehovah’s Witnesses.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Invesco had purchased any other properties and sold three properties in three transactions for a total of $187.2 million over the past 24 months.
The seller Kayne Anderson purchased one property in one transaction for a total of $151.9 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Freshwater, head officer and Rachel Rangelov, site manager. The business entity is 21 Clark Street Senior Housing, Llc. The 356,000-square-foot property generated revenue of $24.6 million or $69 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Brooklyn Heights has 356,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 202 feet and is 100 feet deep with a total lot size of 20,267 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District. The city-designated market value for the property in 2022 is $78.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $375 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on June 1, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Brooklyn Heights, The bulk, or 26 percent of the 12.1 million square feet of commercial built space are office buildings, with elevator buildings next occupying 23 percent of the space. In sales, Brooklyn Heights has 2.2 times the average sales volume among other neighborhoods with $692.2 million in sales volume in the last two years and is the 10th highest in Brooklyn. For development, Brooklyn Heights has 1.2 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the three commercial properties representing 367,322 square feet of the 367,322 square feet. The two identified owners are Kayne Anderson and Ralph Sguera.
There are no active new building construction projects on this tax block.

The majority, or 97 percent of the 367,322 square feet of built space are hotel buildings, with walkup buildings next occupying 3 percent of the space.

The seller

The PincusCo database currently indicates that Kayne Anderson owned at least two commercial properties in New York City with 562,714 square feet and a city-determined market value of $111.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 63 percent of the 562,714 square feet of built space are hotel properties, with specialty properties next occupying 37 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Invesco owned at least 27 commercial properties with 1,214 residential units in New York City with 1,718,577 square feet and a city-determined market value of $233.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 76 percent of the 1,718,577 square feet of built space are elevator properties, with office properties next occupying 24 percent of the space. The bulk, or 76 percent of the built space, is in Bronx, with Manhattan next at 24 percent of the space.

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