Edward J. Minskoff Equities borrows $40M from Bank of America to buy commercial property in Dumbo

Edward J. Minskoff Equities through the entity Jay Street Office LLC as borrower signed a loan agreement with lender Bank Of America valued at $40 million for 1 parcel, including the tax class art type theater with seating capacity more than 400 seats (J2) at 29 Jay Street in Fulton Ferry. The deal closed on March 23, 2020 and was recorded on March 25, 2020.
The property contains a total of 21,735 square feet of built space. The property has 167,752 square feet of available development rights.
The average loan per buildable square foot is $211.
Bank of America provided the acquisition loan with all new debt. The prior owners, of the Forman family, had no debt on the building.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on November 14, 2012.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link