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.
“Securing this loan from J. P. Morgan is another milestone for this significant project that will add to the vibrancy of the neighborhood by activating a long-barricaded parking lot and providing new residences and retailers for this fast-growing community,” says Avi Shemesh, principal and co-founder of CIM Group.
With LIVWRK, CIM Group also owns and is co-developing Panorama, a mixed-use office and retail campus consisting of 740,000 square feet across two city blocks at 25–35 Columbia Heights in Brooklyn Heights. The team is also co-developing 109 Montgomery, a 163-unit, ground-up, residential condominium project in Crown Heights.
In addition, CIM owns and operates 16 Court St., a 36-story, 333,000 square-foot office building in Brooklyn Heights.
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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.
