{"id":338504,"date":"2021-09-13T01:01:56","date_gmt":"2021-09-12T22:01:56","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/developer-to-break-ground-on-first-brand-new-dumbo-office-building-in-100-years\/"},"modified":"2021-09-13T01:01:56","modified_gmt":"2021-09-12T22:01:56","slug":"developer-to-break-ground-on-first-brand-new-dumbo-office-building-in-100-years","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/developer-to-break-ground-on-first-brand-new-dumbo-office-building-in-100-years\/","title":{"rendered":"#Developer to break ground on first brand-new Dumbo office building in 100 years"},"content":{"rendered":"<p>&#8220;<strong>#Developer to break ground on first brand-new Dumbo office building in 100 years<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<div class=\"inline-module inline-module--columnist inline-module--author\">\n<div class=\"inline-module--author__img\">\n            <img decoding=\"async\" width=\"76\" height=\"69\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png?w=76&amp;h=69&amp;crop=1\" class=\"attachment-nyp_columnist size-nyp_columnist\" alt=\"Steve Cuozzo\" loading=\"lazy\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png 76w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png?w=38 38w\" sizes=\"auto, (max-width: 76px) 100vw, 76px\"\/><\/div>\n<\/div>\n<\/aside>\n<p>Anyone can boldly announce plans for future office buildings that have no official groundbreaking dates. It\u2019s another to actually start construction amid the lingering pandemic when the city\u2019s overall office market continues to see record-high vacancy rates.<\/p>\n<p>On Sept. 14, developer Edward J. Minskoff and JP Morgan Global Alternatives will take the plunge on 29 Jay Street, a 252,000 square-foot office and retail address to rise in Dumbo. It\u2019s believed to be the first ground-up\u00a0office project in the hip Brooklyn neighborhood in a century.<\/p>\n<p>It isn\u2019t the first such brave stroke this year. In July, Hudson Square Properties put shovels in the ground at 555 Greenwich St., a 270,000-square-foot office tower which, like 29 Jay St., started work without any pre-signed tenants. But Minskoff\u2019s investment might seem even riskier in the atmospheric, hard-edged neighborhood best known to the public for apartments and art galleries, although it\u2019s taken on a growing commercial role over the past decade.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"683\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/brooklyn-bridge-park-01.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"A view of the Manhattan skyline from Dumbo\" class=\"wp-image-19430955\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/brooklyn-bridge-park-01.jpg?quality=90&amp;strip=all&amp;w=2048 2048w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/brooklyn-bridge-park-01.jpg?quality=90&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/brooklyn-bridge-park-01.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/brooklyn-bridge-park-01.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>A view of Manhattan\u2019s skyline counts among Dumbo\u2019s bragging rights.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>It\u2019s \u201cthe most exciting [project] I have undertaken in my 40-plus years of office building development,\u201d Minskoff said in a statement \u2013 an impressive statement by Minskoff, who was chief executive of Olympia &amp; York USA when it built the World Financial Center (now Brookfield Place).<\/p>\n<p>The new, 11-story Dumbo structure will stand at the corner of Jay and Plymouth streets, one block from the East River and Brooklyn Bridge Park. Minskoff bought the site, which was home to a two-story warehouse, for $61.5 million in March of 2020.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/minskoff-01.jpg?quality=90&amp;strip=all&amp;w=768\" alt=\"A headshot of Edward Minskoff\" class=\"wp-image-19430957\" width=\"314\" height=\"416\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/minskoff-01.jpg?quality=90&amp;strip=all&amp;w=624 628w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/minskoff-01.jpg?quality=90&amp;strip=all&amp;w=468 471w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/minskoff-01.jpg?quality=90&amp;strip=all&amp;w=312 314w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/minskoff-01.jpg?quality=90&amp;strip=all&amp;w=156 157w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/minskoff-01.jpg?quality=90&amp;strip=all 1024w\" sizes=\"auto, (max-width: 314px) 100vw, 314px\"\/><figcaption>Real estate developer Edward J. Minskoff is no stranger to risk-taking.<\/figcaption><figcaption><span class=\"credit\">Donald Bowers<\/span><\/figcaption><\/figure>\n<\/div>\n<p>Bringing the project to fruition required cooperation with the City Planning Commission to rezone it for higher-density use and the Landmarks Preservation Commission, which <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roved the design by Marvel Architects.<\/p>\n<p>Minskoff noted that some observers snickered 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 quickly filled up.<\/p>\n<p>There was no word on asking rents at 29 Jay St.<\/p>\n<p> But Minskoff said the building\u2019s 23,000-square-feet floorplates, bike storage facilities and tenant locker rooms would appeal to companies that hire the \u201cyoung, tech-savvy populations\u201d of nearby Vinegar Hill, Brooklyn Heights and Williamsburg.\u201d<\/p>\n<hr class=\"wp-block-separator\"\/>DailyPay\u2019s 137,000 square-foot expansion at 55 Water St., announced last week, is the latest evidence of life in the beleaguered Lower Manhattan office market. The sublease from S&amp;P, negotiated for DailyPay by a Wharton Property Advisors team led by Ruth Colp-Haber, roughly <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a>les the tech-driven payroll services firm\u2019s space in the 3.5-million-square-foot tower.<\/p>\n<p>DailyPay\u2019s move is believed to be the largest sublease so far signed since the start of the pandemic. It comes against the backdrop of an overall Manhattan reduction of 670,000 square feet sublease availability in August, according to Colliers International.<\/p>\n<p>The expansion also illustrates the resilience of 55 Water St., owned by a subsidiary of Retirement Systems of Alabama. We watched the landlord\u2019s work crew as they struggled to remove 35 million gallons of seawater that flooded the tower after superstorm Sandy in 2012.<\/p>\n<p>In addition to S&amp;P, which still has 1 million square feet at 55 Water St., other tenants include EmblemHealth, Hugo Boss and McGraw Hill Financial.<\/p>\n<hr class=\"wp-block-separator\"\/>The property and retail worlds are mourning the untimely death of Amira Yunis, a powerhouse CBRE broker who succumbed to cancer last week at 51. Well-liked Yunis rose from modest midwestern roots to a modeling career with the Ford agency and ultimately to the ranks of the city\u2019s premier retail-leasing dealmakers.<\/p>\n<p>Her milestone achievements that Realty Check covered over the years included major leases for a Vacheron Constantin boutique on East 57<sup>th<\/sup>\u00a0Street and the huge new Urbanspace food hall at 570 Lexington Ave. <\/p>\n<p>In 2006, Yunis won the Real Estate Board of New York\u2019s coveted \u201cIngenious Deal of the Year\u201d honor when she brought Trader Joe\u2019s to its first Manhattan location on East 14<sup>th<\/sup>\u00a0Street.\n                        <\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/09\/12\/developer-to-break-ground-on-first-brand-new-dumbo-office-building-in-100-years\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Developer to break ground on first brand-new Dumbo office building in 100 years&#8221; Anyone can boldly announce plans for future office buildings that have no official groundbreaking dates. It\u2019s another to actually start construction amid the lingering pandemic when the city\u2019s overall office market continues to see record-high vacancy rates. On Sept. 14, developer Edward&#8230;<\/p>\n","protected":false},"author":1,"featured_media":338505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/sized-29-jay-street.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[115835,83677,72881,76002,71220],"class_list":["post-338504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-9-12-21","tag-cbre","tag-commercial-real-estate","tag-dumbo","tag-lower-manhattan"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/338504","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=338504"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/338504\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/338505"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=338504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=338504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=338504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}