Massive DUMBO Tower Close To Being Built After $600M Loan Secured

DUMBO, NY — A massive tower set to take over a former parking lot on Jay Street will soon start to take shape after developers closed on a more than $600 million loan for the construction.

CIM Group and partner LIVWRK announced this week they closed on the loan from JPMorgan Chase to start construction of their planned 21-story condo building at 85 Jay St.

Plans call for about 730 condos and rentals in the building along with 90,000-square-feet of retail space and an underground parking lot with 700 spots, according to the developers.

The Morris Adjmi-designed building will have a mix of studio to four-bedroom units along with a rooftop pool, screening rooms, bike parking and a private park, CIM Group said.

Workers started prep work on the former parking lot at 85 Jay St. last month and developers expect the project to be finished in 2021, according to Brownstoner and CIM Group.

CIM Group partnered with LIVWRK and Kushner Companies to buy the former Jehovah's Witnesses parking lot at 85 Jay St. for $345 million in 2016, the New York Post reported. The group also bought the nearby former Jehovah's Witnesses headquarters at 25-30 Columbia Heights for $340 million that same year.

Kushner Cos., where Jared Kushner served as CEO until he joined President Donald Trump's administration, quietly sold off its 2.5 percent stake in both developments to the CIM Group earlier this year, the Post reported.

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