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Aby Rosen’s RFR flips 90 Sands Street for $35M more than it sold last year
Rosen planned to build a 600-room hotel in the property
Aby Rosen’s RFR Realty has closed the sale of a former Jehovah’s Witness building to an affordable housing nonprofit.
RFR sold 90 Sands Street in Dumbo for $170 million to Breaking Ground. The two sides were said to be in talks for the site last June, with Breaking Ground reportedly presenting a plan to the local community board for “low- to-moderate income and supportive housing” at the site.
Rosen acquired the property for $135 million in September of last year and announced plans to build a 600-room hotel with partner Ian Schrager.
The 400,000-square-foot tower at the site was part of a six-building portfolio that was sold by the jehovah’s Witnesses in 2013. The other pieces of the portfolio were sold to Kushner Companies, LIVWRK and Invesco.
Breaking Ground is one of the city’s most prolific affordable housing developers. The organization recently filed permits for a 152-unit building at 448 East 143rd Street in the Bronx and a 126-unit property at 845 Howard Avenue in Brooklyn.
RFR and Breaking Ground did not immediately respond to requests for comment.