Edward J. Minskoff Equities buys Dumbo property for $62M

Site was recently rezoned for 200,000-square-foot office building

New York /
Mar.March 26, 2020 08:00 AM
35 Jay Street and Edward Minskoff (Credit: Patrick McMullan/Patrick McMullan via Getty Images, Google Maps)

35 Jay Street and Edward Minskoff (Credit: Patrick McMullan/Patrick McMullan via Getty Images, Google Maps)

Edward J. Minskoff Equities has purchased a property in Dumbo that was recently rezoned to accommodate a 200,000-square-foot office building, according to property records and sources familiar with the deal.

The real estate firm bought 35 Jay Street for $61.5 million from the Forman Group of Companies. The Forman family had owned the site since 1974, property records show.

“We’re pleased to have closed despite the unusual times that we’re in,” said Forman Group principal Peter Forman, “but we believe that the site, and Dumbo in general, have great upside for the continued rejuvenation of Brooklyn.”

The longtime owners decided to sell because “development of this magnitude is not our forte,” Forman said.

Minskoff did not respond to a request for comment.

JLL’s Bob Knakal, Stephen Palmese, Jonathan Hageman, Brendan Maddigan, Winfield Clifford, Michael Mazzara, Ethan Stanton and Patrick Madigan brokered the deal. They declined to comment on the transaction.

Investment sales in New York and elsewhere are likely to face strong headwinds as the coronavirus pandemic wreaks havoc on the world’s financial markets. Jacob Chetrit, for instance, just called off his $815 million deal to buy the former Daily News building from SL Green at 220 East 42nd Street in Midtown after Deutsche Bank, the principal lender on the deal, dropped out.

Dumbo has seen a massive influx of development in recent years, in part because the Jehovah’s Witnesses started selling their neighborhood holdings in the early 2000s. This paved the way for projects including the condo conversion One Brooklyn Bridge Park and the huge office complex Dumbo Heights.


Related Articles

arrow_forward_ios
240 Sullivan Street and Sky Management’s Jonathan Ohebshalom (Sky Management, Google Maps, iStock)
Sky buys Greenwich Village mixed-use building in quiet week for i-sales
Sky buys Greenwich Village mixed-use building in quiet week for i-sales
Allure’s Joel Landau and 9036 7th Avenue in Brooklyn (Allure, Google Maps)
Abe Leser’s ailing hospital deal revived for $160M
Abe Leser’s ailing hospital deal revived for $160M
From left: 11 Hoyt Street and 370 Eighth Street
See clear across Brooklyn, unclothed: Buyer claims $5M penthouse
See clear across Brooklyn, unclothed: Buyer claims $5M penthouse
One of the pools at the Brooklyn Tower. (TheBrooklynTower.com)
Life Time Group to manage 120,000 square feet of amenities at Brooklyn’s +1,000-foot tower
Life Time Group to manage 120,000 square feet of amenities at Brooklyn’s +1,000-foot tower
Skyline Tower in Hunters Point, Queens, and Downtown Brooklyn’s 11 Hoyt are the two largest condo developments in their boroughs. (Skyline Tower, 11 Hoyt, iStock)
TRD Pro: Ranking Brooklyn, Queens condo pipeline hotspots
TRD Pro: Ranking Brooklyn, Queens condo pipeline hotspots
From left: SMA's Samy Mahfar and Gaia's Danny Fishman in front of 99 Allen Street, 177 Ludlow Street, and 102 Norfolk Street in Manhattan (Google Maps, LinkedIn/Sammy Mahfar, GAIA Real Estate)
Gaia, SMA trade LES buildings in busy week for i-sales
Gaia, SMA trade LES buildings in busy week for i-sales
221 Carroll Street and 828 President Street (StreetEasy, iStock)
Carroll Gardens, Park Slope townhouses top Brooklyn luxury contracts list
Carroll Gardens, Park Slope townhouses top Brooklyn luxury contracts list
Joseph Chetrit with 92-11 147th Place (Getty, Google Maps, iStock)
UES apartments, Midtown strip club trade in another active week for i-sales
UES apartments, Midtown strip club trade in another active week for i-sales
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...