NEW YORK, Sept. 17, 2021 /PRNewswire/ -- Developer Edward J. Minskoff, and Mike Kelly, Head of Real Estate Americas at J.P. Morgan Global Alternatives today were joined 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 the architecture 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 result in 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.
"This development is the most exciting I have undertaken in my 40+ years of office building development," commented Edward Minskoff. "DUMBO is a cutting-edge confluence of culture, historic fabric, innovative technology and youth. The pandemic may have paused the New York market, but we now see people flowing back to our buildings in Manhattan and energizing the economy. For anyone that doubts our decision to build at this time, I will remind them that others doubted my building all 7.5 million square feet of World Financial Center in one phase, and more recently, 51 Astor Place in Greenwich Village with no pe-leasing and in advance of the area enjoying renown as a technology hub. Both of these projects are of course enduring success stories."
The building site is at the northeast corner of Jay Street and Plymouth Street – one block from The East River and Brooklyn Bridge Park. The site was home to a portion of the Arbuckle Coffee and Tea conglomerate during the first half of the 20th century. Arbuckle was once the nation's foremost purveyor of coffee for distribution. The hulking Arbuckle warehouse that was once on the site was eventually replaced by a simple low-rise building in the 1970's. The City Planning Commission worked with the property owner and the community to rezone this corner of DUMBO in 2018 to allow higher density commercial office use.
"I am thrilled to be playing an important role in the economic and social development of the Brooklyn waterfront," said Edward Minskoff. "This nearly one quarter million square foot project is the largest ground-up new commercial project along the waterfront in DUMBO in nearly a century. Working with the Landmarks Preservation Commission and our design team led by Marvel, we have created an architecturally distinctive and beautiful building that pays appropriate homage to its historic DUMBO environment. With floorplates of 23,000 square feet, an accessible roof amenity, bike storage and tenant locker rooms, we should appeal to the kinds of companies that seek to employ the young and tech-savvy population that has been moving to the nearby Brooklyn neighborhoods of Vinegar Hill, Brooklyn Heights and Williamsburg." Jonathan Marvel added, "Designing a building in the historic DUMBO district, interpreting its scale, texture, color and proportions, is one of one of the great design challenges of all time—and one we hope will be a timeless contribution to the City of New York."
"Differentiated developments like 29 Jay Street with talented, trusted partners like Edward J. Minskoff Equities exemplify the types of investments we make on behalf of our investors," said Mike Kelly, Head of Real Estate Americas at J.P. Morgan Global Alternatives. "Though we have operations all over the world, New York is our home, too, and we're pleased to be adding a distinctive new office property to the cityscape."
DUMBO is undergoing a remarkable transformation. Historic buildings recently converted to office or residential use, together with beautiful new developments have attracted the World's attention. Cutting edge 21st Century firms like Rent the Runway and leading global companies like United Technologies have chosen DUMBO as flagship locations. DUMBO has emerged as an established office and residential location offering the perfect balance of old New York charm, a vibrant dining and retail landscape and trendy lifestyle amenities such as the 1 Hotel Brooklyn Bridge, Equinox, and DUMBO House. The Property is served by the F, A and C trains, NYC Ferry and multiple bike paths, providing several ways for tenants to commute from Manhattan, Brooklyn and Long Island City.
About Edward J. Minskoff Equities, Inc.
Edward J. Minskoff Equities, Inc. ("EJME") was founded by Edward J. Minskoff in May of 1987. EJME owns, develops and manages institutional quality commercial office buildings in major urban centers - primarily in New York City. 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 the Chief Executive Officer of Olympia & York USA, which he founded together with Canada's Reichmann family in 1976 and built into the largest property developer in North America by 1986. For more information: https://www.ejmequities.com/about
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, $191 billion in assets under management and more than 600 professionals (as of June 30, 2021), we offer strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation and liquid alternatives. Operating from offices throughout 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 J.P. Morgan to help meet each client's specific objectives. For more information: jpmorgan.com/am.
For almost 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. The recipient of over 125 international industry awards—among them the AIA's highest honor, the 2019 Presidential Citation for integrating design and community service and WEDG Certification for Public Waterfront Design Excellence—its portfolio spans a range of sectors, including affordable housing, commercial, cultural institutions, schools and higher education, civic and public works, hospitality, high-end residential, recreational projects, workspaces, and parks and gardens. The firm has offices in New York City and San Juan, Puerto Rico.
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SOURCE Edward J. Minskoff Equities, Inc.