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

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

TRD 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
A Brooklyn landlord waives April rents voluntarily (Credit: iStock)

Brooklyn landlord voluntarily waives April rents at all 18 properties

Spaces Event

Look inside: TRD‘s co-working event at SPACES’ Dumbo location

The Gretsch at 60 Broadway in Williamsburg. (Credit: Douglas Elliman via StreetEasy)

Williamsburg pad hits market for almost $9M

Ample Hills Creamery co-founders Brian Smith and Jackie Cuscuna with Ample Hills Creamery Gowanus at 305 Nevins Street (Smith and Cuscuna by Ilya S. Savenok/Getty Images for NYCWFF; Google Maps)

Ample Hills Creamery files for bankruptcy

Watch Now: Eklund-Gomes’ John Gomes and Churchill Real Estate’s Justin Ehrlich in TRD’s Coffee Talk

Coffee Talk: Justin Ehrlich and John Gomes on NYC neighborhoods and doing deals during an election year

1 John Street and 635 11th Street in Brooklyn (Credit: Google Maps)

Dumbo condo was Brooklyn’s priciest contract last week

2790 West 5th Street in Coney Island (Credit: Google Maps)

Brooklyn man arrested for claiming to help victims buy Mitchell-Lama apartments

122 Sanford Street and Yaniv Cohen (Credit: Google Maps)

Leviathan Capital bringing 132-unit project to Bed-Stuy

arrow_forward_ios
Loading...