Florida-based Kayne Anderson Real Estate Advisors has purchased The Towers, an iconic residential building located in Brooklyn. The Boca Raton firm paid $200 million for the 16-story, 310,000 square foot property from the Jehovah’s Witnesses. The building features 295 residential units, lobby, commercial kitchen, large dining areas, offices, community facility space, library and a 20,000 sqf rooftop terrace. It also boasts views of the New York Harbor, Manhattan and the Brooklyn Bridge. Built in 1928 at 21 Clark St., the building was formerly known as the Grand Leverich Towers Hotel and used to house the Brooklyn Dodgers during homestands. According to public records, the property previously traded in 1975 for almost $2 million and has since undergone multiple renovations.
The buyer plans to transform the asset into a luxury living complex with more than 75,000 square feet of amenity space for seniors in Brooklyn and Manhattan. The community will be renamed The Watermark and be operated by Watermark Retirement Communities. The building will open in about two years with some 300 apartments, a swimming pool and dining rooms with rents expected to be $7,000 to $10,000 a month. KAREA, which plans to spend $100 million to renovate the property, has $6 billion in assets under management and owns student and senior housing as well as medical office buildings.
