No tenants, no problem.
Edward Minskoff has secured $ 97 million to build his 11-story office building at 29 Jay Street in Dumbo, according to records.
The developer has secured funding from AIG Asset Management, a lending arm of the global insurance giant, although it does not have any pre-let tenants.
Details of the project, including final renderings and how many square feet it will produce, are still pending, according to Jeffrey Sussman, director of leasing at Edward J. Minskoff Equities.
The city approved a 220,000 square foot project on the site in September. That same month, the developer planned for 240,000 square feet of office space and about 12,000 square feet of retail.
Sussman attributed the size discrepancies to the “loss factor” but did not elaborate, adding that “slightly different” project renderings would be ready by December.
AIG will take over a senior loan from Bank of America, bringing the total loan amount on the project to $ 138 million, according to records. Jonathan Marvel of Marvel Architects is listed as the Reference Architect. Other addresses associated with the project include 35 Jay Street and 167 Plymouth Street.
Minskoff, a veteran New York City developer, bought the site in March last year for $ 61.5 million. The Forman Group of Companies sold the property, which it had owned since 1974.
While developing an office building to specification – especially in an era of sustainable remote employment – can be risky business, Sussman noted that Minskoff’s World Financial Center and 51 Astor Place have also been built without pre-let tenants.