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NEW YORK CITY- Edward J. Minskoff Equities, a real estate development firm headquartered in New York City, has acquired 29 Jay St., a development site in Dumbo, Brooklyn for $61.5 million. The seller of the property, the Forman Group, was represented by Jones Lang LaSalle in the transaction.
The two-story property was constructed in 1977 and comprises 21,000 square feet of warehouse and distribution space. It sits on an 18,955-square-foot lot at the corner of Jay and Plymouth streets and offers 250 feet of frontage, a highly desired characteristic for retail development.
The property has flexible zoning, allowing for a full-service, amenitized commercial, residential or mixed-use building. Potential residential development at 29 Jay St. qualifies for a zoning floor area of approximately 136,476 square feet, while a commercial development would have a zoning floor area ratio of approximately 189,372 square feet or 205,200 square feet with a cellar.
Eligible tax incentives for a new development at the site include the Industrial and Commercial Abatement Program and the Affordable New York Housing Program. In addition, Relocation and Employment Assistance Program, Commercial Expansion Program and Energy Cost Savings Program.
Nearby the development opportunity at 29 Jay St. is Brooklyn Bridge Park and various transportation options, including the Brooklyn Queens Expressway, East River Ferry and the A, C and F subway trains.
"29 Jay Street offers the opportunity for an investor to create a true transit-oriented development," said JLL Vice Chairman Stephen Palmese in a prepared statement. "A project larger than five stories could offer terrific Manhattan and East River waterfront views on the upper floors due to the low density of surrounding buildings."
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
