NEW YORK CITY-A partnership that includes real estate developer Jared Kushner closed on Wednesday on most of the properties involved in a planned $375-million deal with the Jehovah Witnesses in the Dumbo section of Brooklyn.
The Kushner partnership closed on five of six Watchtower properties that it plans to convert into a high-tech hub, according to the Wall Street Journal. The sixth property in the transaction would close in 2017. The properties are being sold as the Jehovah Witnesses relocate their headquarters to Warwick, NY. Construction at the Orange County site began earlier this year.
A total of 50% of the 1.2-million-square-foot complex will be set aside for office space. The partnership intends to spend approximately $100 million to renovate the buildings. The complex would feature about 150,000 square feet of retail space. Kushner, chief executive of Kushner Companies, said the developers would work with the city to try to convert some area streets into pedestrian plazas.
"We saw these buildings as an opportunity to really create a great campus-like environment," Kushner said. See story in the Wall Street Journal.
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