Development team paves way for major office expansion in Dumbo
NEW YORK, Sept. 17, 2021 / PRNewswire / – Developer Edward J. Minskoff and Mike Kelly, Real Estate Manager for the Americas at JP Morgan Global Alternatives were joined today by their extended development team and several community organizations , for a groundbreaking ceremony for 29 Jay Street, an office / retail project in DUMBO, Brooklyn designed by architectural firm Marvel. The development will contain approximately 240,000 square feet of Class A office space and approximately 12,000 square feet of retail space. Construction will create more than 200 jobs over the next two years. The project will also bring more than 1,100 permanent jobs to this Brooklyn waterfront neighborhood.
âThis is the most exciting development I have undertaken in my 40+ years of office building development,â commented Edward Minskoff. âDUMBO is a cutting-edge confluence of culture, historical fabric, innovative technology and youth. The pandemic may have interrupted the New York market, but we are now seeing people returning to our buildings in Manhattan and energizing the For all those who doubt our decision to build at this time, I will remind them that others have doubted my building all 7.5 million square feet of the World Financial Center in one phase, and more recently, 51 Astor Place in Greenwich Village without p-leasing and ahead of the region with renown as a technology hub. Both of these projects are of course lasting successes. “
The job site is on the northeast corner of Jay Street and Plymouth Street, one block from the East River and Brooklyn Bridge Park. The site was home to part of the Arbuckle Coffee and Tea conglomerate during the first half of the 20th century. Arbuckle was once the country’s main supplier of coffee for distribution. The huge Arbuckle warehouse that once stood on the site was eventually replaced by a simple low-rise building in the 1970s. The Planning Commission worked with the owner and the community to rezone this corner of DUMBO in 2018 to ensure allow the use of higher density commercial offices.
âI am delighted to play an important role in the economic and social development of the Brooklyn waterfront,â said Edward Minskoff. “This nearly quarter-million-square-foot project is the largest new commercial project built along the waterfront at DUMBO in nearly a century. In collaboration with the Landmarks Preservation Commission and our led design team by Marvel, we have created a distinctive and beautiful building architecture that pays a fitting tribute to its historic DUMBO environment. With 23,000 square feet of floors, an accessible roof, bicycle storage and changing rooms for tenants, we should do appealing to the types of businesses looking to employ the young and tech-savvy population that has moved to neighboring Brooklyn, Vinegar Hill, Brooklyn Heights and Williamsburg neighborhoods. âJonathan Marvel added,â Designing a building in the historic district of DUMBO, in interpreting its scale, texture, color and proportions, is one of the great design challenges of all time – and we hope it s will be a timeless contribution to New York City. “
âDifferentiated developments like 29 Jay Street with talented and trusted partners like Edward J. Minskoff Equities exemplify the types of investments we make on behalf of our investors,â said Mike Kelly, Head of Real Estate for Americas at JP Morgan Global Alternatives. âWhile we have operations around the world, New York is also our home, and we’re excited to add a distinctive new office building to the cityscape. “
DUMBO is undergoing a remarkable transformation. Historic buildings recently converted into offices or housing, as well as beautiful new developments have caught the world’s attention. Leading 21st century companies like Rent the Runway and leading global companies like United Technologies have chosen DUMBO as their flagship locations. DUMBO has grown into an established work and residential place that offers the perfect balance between old New York charm, a vibrant restaurant and retail landscape, and trendy lifestyle amenities such as 1 Hotel Brooklyn Bridge. , Equinox and DUMBO House. The property is serviced by F, A, and C trains, NYC Ferry, and several bike paths, providing tenants with multiple means of getting around Manhattan, Brooklyn, and Long Island City.
About Edward J. Minskoff Equities, Inc. Edward J. Minskoff Equities, Inc. (âEJMEâ) was founded by Edward J. Minskoff in May 1987. EJME owns, develops and manages institutional grade commercial office buildings in major urban centers, primarily New York. Selectively, EJME also develops high-end residential properties. EJME oversees all phases of its properties including design / development, management, leasing and financing. Previously, Mr. Minskoff was CEO of Olympia & York USA, which he founded with the Reichmann family of Canada in 1976 and which became the largest real estate developer in North America in 1986. For more information: https: //www.ejmequities .com / about
About JP Morgan Global Alternatives JP Morgan Global Alternatives is the alternative investment arm of JP Morgan Asset Management. With over 50 years as an alternative investment manager, $ 191 billion in assets under management and over 600 professionals (as of June 30, 2021), we offer strategies across the spectrum of alternative investments, including real estate, private equity, private credit, hedging funds, infrastructure, transport and liquid alternatives. Operating from offices in the Americas, Europe and Asia-Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of JP Morgan to help achieve the specific objectives of each client. For more information: jpmorgan.com/am.
About Marvel For nearly a decade, Marvel (MarvelDesigns.com) has worked at the intersection of public and private space, creating intentionally timeless design solutions that integrate nature and context. Recipient of over 125 international industry awards, including the AIA’s highest honor, the 2019 Presidential Citation for Integrating Design and Community Service, and WEDG Certification for Design Excellence in public waterfront, its portfolio covers a range of sectors, including affordable housing, commercial, cultural institutions, schools and higher education, civic and public works, hospitality, high-end residences, recreational projects, workspaces and parks and gardens. The company has offices in New York and San Juan, Puerto Rico.
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SOURCE Edward J. Minskoff Equities, Inc.