RXR Realty pays $220M to CIM Group for 320-unit rental in Dumbo

RXR Realty through the entity Rxr 85 Jay Street Owner LLC paid $220 million to CIM Group through the entity 85 Jay Street (Brooklyn), LLC for the rental condominium unit with 320 apartments at 85 Jay Street in Dumbo, Brooklyn.
The deal closed on December 17, 2021 and was recorded on December 29, 2021.

The signatory for CIM Group was Jason Schreiber. The signatory for RXR Realty was David Frank.

This is the multifamily rental component of the building 85 Jay Street. The contract date was April 5, 2021. The Real Deal reported in April on the sale shortly after it went into contract. The sale was brokered by a Cushman & Wakefield team led by Adam Spies and Doug Harmon.

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