NEW YORK CITY—CIM Group closed on a more than $600 million loan for the construction of a Morris Adjmi-designed mixed-use project at 85 Jay St. The complex will be built across more than three acres in Brooklyn's DUMBO district. J.P. Morgan Chase Bank is providing the loan.
Co-developed with LIVWRK, the development includes approximately 730 for-sale residential condominiums, multifamily apartments, 90,000 square feet of retail, community space and about 700 underground parking spaces. The residences will feature studio to four-bedroom units, roof-top pools, decks, lounges, a fitness center, entertainment and screening rooms, kids' play areas, pet spas and a private park. Construction for the expansive development is already underway and expected to be completed in 2021.
The 135,000 square-foot full block is bordered by Front, York, Jay and Bridge streets near the base of the Brooklyn and Manhattan Bridges and within the Brooklyn Tech Triangle. The project also benefits from being located near the York Street subway station.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
