Newmark Knight Frank announced that it has arranged a $205 million floating-rate loan for the refinance of 10 Jay Street in Brooklyn, NY on behalf of Glacier Global Partners and Triangle Assets.
The Newmark Knight Frank team was led by Dustin Stolly and Jordan Roeschlaub, vice Chairmen and co-heads of Debt & Structured Finance, along with Dylan Kane, Chris Kramer, and Nick Scribani. The loan was provided by Natixis.
10 Jay Street is a 10-story, 222,228 s/f, state-of-the-art office and retail development in the Dumbo neighborhood of Brooklyn.
The property, located directly on the East River waterfront and surrounded by the Brooklyn Bridge Park has 23,000 s/f open floorplates, luxury rooftop terrace, and panoramic views of the Manhattan skyline.
The sponsorship has transformed 10 Jay Street into a center for innovation and productivity.
It will be the new headquarters location for Rent the Runway, who leased over 83,000 s/f across floors 7-10, including 10,000 s/f of outdoor space on the 10th floor. 10 Jay Street will also house the flagship NYC location for Soho Works, the co-working concept from Soho House, which leased 50,000 s/f. The new co-working outpost is located a short walk from their Dumbo House location at Empire Stores.
“Sponsorship has done an incredible job transforming the old sugar refinery into the best creative office product in Dumbo. The waterfront views overlooking Brooklyn Bridge Park are second to none and the outdoor event space on the rooftop is a unique and significant demand driver,” said Stolly.
“Over the past few years, Dumbo has received substantial investment and has really transformed from a traditional industrial neighborhood to a 24/7 live-work-play destination and an attractive alternative to Manhattan,” said Roeschlaub.