Namdar, Klosed Properties pay $54.5M to CIM for retail in DUMBO, finance buy with Blue Owl debt

Namdar Realty Group and Klosed Properties through the entity Jay Front Realty LLC paid $54.5 million to CIM Group through the entity 85 Jay Street (Brooklyn), LLC for two retail condominium units at 85 Jay Street in DUMBO, Brooklyn. The expected use is cash flowing.
The deal closed on July 28, 2025 and was recorded on August 11, 2025. The two properties have 136,318 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $399 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 Real Deal first reported on this transaction last month.
The signatory for CIM Group was David Thompson . The signatory for Namdar Realty Group and Klosed Properties was Igal Namdar . The contract date was November 5, 2024.

Namdar Realty Group and Klosed Properties through the entity Jay Front Realty LLC financed the acquisition with a loan from lender Blue Owl Capital through the entity Guaranty Income Life Insurance Company valued at $33.1 million in recorded debt. The Real Deal reported the total debt from Blue Owl Capital was $41 million.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 85 Jay Street.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Namdar Realty Group purchased five properties in five transactions for a total of $69.4 million and sold seven properties in four transactions for a total of $145 million over the past 24 months.
The seller CIM Group purchased two properties in two transactions for a total of $104.3 million and sold nine properties in four transactions for a total of $196.6 million over the same time period.

The property

The retail condo in DUMBO has 136,318 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 83,314 square feet. The city-designated market value for the property in 2022 is $24.6 million. The most recent loan totaled $80 million and was provided by JPMorgan Chase|Axos Bank on August 13, 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

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 DUMBO, The majority, or 56 percent of the 4.4 million square feet of commercial built space are office buildings, with elevator buildings next occupying 36 percent of the space. In sales, DUMBO has not had any sales in the last two years. For development, DUMBO has had very little major development activity relative to other neighborhoods.It had 238,530 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 878,003 square feet. It is a 728-unit, 878,003 square-foot residential (R-2) building submitted by LIVWRK and filed by Aaron Lemma with plans filed August 21, 2017 and permitted April 24, 2018.

The seller

The PincusCo database currently indicates that Cim Group owned at least nine commercial properties with 772 residential units in New York City with 3,023,630 square feet and a city-determined market value of $611.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 59 percent of the 3,023,630 square feet of built space are office properties, with D6 properties next occupying 37 percent of the space. The bulk, or 73 percent of the built space, is in Brooklyn, with Manhattan next at 27 percent of the space.

The buyer

The PincusCo database currently indicates that Namdar Realty Group owned at least 74 commercial properties with 965 residential units in New York City with 1,913,877 square feet and a city-determined market value of $408 million. (Market value is typically about 50% of actual value.) The portfolio has $72.6 million in debt, with top three lenders as Signature Bank, Ladder Capital, and 2651 Broadway Partners LLC respectively. Within the portfolio, the bulk, or 38 percent of the 1,913,877 square feet of built space are office properties, with walkup properties next occupying 22 percent of the space. The bulk, or 74 percent of the built space, is in Manhattan, with Bronx next at 15 percent of the space.
The PincusCo database currently indicates that Klosed Properties owned at least 64 commercial properties with 862 residential units in New York City with 1,093,401 square feet and a city-determined market value of $163.5 million. (Market value is typically about 50% of actual value.) The portfolio has $5.4 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 35 percent of the 1,093,401 square feet of built space are walkup properties, with elevator properties next occupying 32 percent of the space. The bulk, or 55 percent of the built space, is in Manhattan, with Bronx next at 26 percent of the space.

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