Developer to inaugurate Dumbo's first brand-new office building in 100 years

Anyone can boldly announce plans for future office buildings that do not have an official opening date. It’s another to beg...

Anyone can boldly announce plans for future office buildings that do not have an official opening date. It’s another to begin construction amid the lingering pandemic as the city’s overall office market continues to experience record vacancy rates.

On September 14, developer Edward J. Minskoff and JP Morgan Global Alternatives take the plunge to 29 Jay Street, a 252,000 square foot office and business address in Dumbo. It is believed to be the first fully-built office project in trendy Brooklyn in a century.

This is not the first such courageous move this year. In July, Hudson Square Properties dug a shovel at 555 Greenwich St., a 270,000 square foot office tower that, like 29 Jay St., began working without any pre-signed tenants. But Minskoff’s investment may seem even riskier in the atmospheric, hard-edged neighborhood best known to the public for its apartments and art galleries, though it is assume a growing commercial role during the last decade.

A view of the Manhattan skyline from Dumbo
A view of the Manhattan skyline is one of Dumbo’s bragging rights.
Getty Images

It is “the most exciting [project] I have undertaken in my 40 plus years of office building development, ”Minskoff said in a statement – an impressive statement from Minskoff, who was managing director of Olympia & York USA during the construction of the World Financial Center (now Brookfield Place).

The new 11-story Dumbo structure will stand on the corner of Jay and Plymouth streets, one block from the East River and Brooklyn Bridge Park. Minskoff bought the site, which housed a two-story warehouse, for $ 61.5 million in March 2020.

A photo of Edward Minskoff
Real estate developer Edward J. Minskoff is no stranger to risk taking.
Donald bowers

Completion of the project required cooperation with the City Planning Commission to rezon it for higher density use and the Landmarks Preservation Commission, which approved the design by Marvel Architects.

Minskoff noted that some observers chuckled when he launched 51 Astor Street in Greenwich Village without pre-signed tenants a few years ago. But he had the last laugh when the project was quickly completed.

There was no word on asking rents at 29 Jay St.

But Minskoff said the building’s 23,000 square foot floor plates, bicycle storage facilities and tenant locker rooms would attract companies that hire the “young and tech-savvy populations” of Vinegar Hill, Brooklyn Heights and Williamsburg. near.

DailyPay’s 137,000-square-foot expansion to 55 Water St., announced last week, is the latest proof of life in the besieged office market of Lower Manhattan. The sublease of S&P, negotiated for DailyPay by a team of Wharton Property Advisors directed by Ruth Colp-Haber, roughly triples the space of the technology-driven payroll services company in the 3.5 million square foot tower.

DailyPay’s decision would be the largest sublet signed to date since the start of the pandemic. This comes against the backdrop of Manhattan’s overall reduction in the availability of 670,000-square-foot sublets in August, according to Colliers International.

The expansion also illustrates the resilience of 55 Water St., owned by a subsidiary of Retirement Systems of Alabama. We watched the owner’s work crew as they struggled to remove 35 million gallons of seawater that flooded the tower after Super Storm Sandy in 2012.

In addition to S&P, which still owns 1 million square feet at 55 Water Street, other tenants include EmblemHealth, Hugo Boss and McGraw Hill Financial.

The real estate and retail world is mourning the untimely death of Amira Yunis, a powerful CBRE broker who died of cancer last week at age 51. the city’s leading retail leasing traders.

His landmark accomplishments that Realty Check has covered over the years included major leases for a Vacheron Constantin boutique on East 57e Street and the huge new Urbanspace Food Hall at 570 Lexington Avenue.

In 2006, Yunis won the coveted “Smart Deal of the Year” award from the Real Estate Board of New York when she brought Trader Joe’s to its first Manhattan location on East 14.e Street.

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Newsrust - US Top News: Developer to inaugurate Dumbo's first brand-new office building in 100 years
Developer to inaugurate Dumbo's first brand-new office building in 100 years
Newsrust - US Top News
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