Investment firm CIM Group has sold the 320-unit apartment community located at 85 Jay Street in Dumbo’s neighborhood for $220 million. The rentals are part of the larger development that includes 407 for-sale condos, 140,000 square feet of retail space that is anchored by a 77,000-square-foot Life Time Fitness and a 660-space parking garage. New York City-based RXR Realty purchased the rental complex and CIM Group has retained ownership of the retail space and condos where residents have started to move in.
The rental units have started to hit the market under the name Magnolia DUMBO with six apartments being released at a time. They are now offering 1 month free rent on a 12-months lease and 2 months free rent on a 24-months lease. One bedrooms start at $3,600 and two bedrooms at $6,400 per month. Amenities of the rental buildings include access to the 23,000 sq. ft. park, outdoor pool and a high-tech game room with billiards and large screen console. Residents will have to pay around $100 for the LifeTime Fitness center to come which will include indoor pool, full size basketball court and more.
