Corebridge Financial has filed a $138 million pre-foreclosure lawsuit against Edward J. Minskoff Equities (EJME), alleging default on three mortgages connected to an 11-story office building at 29 Jay Street in Dumbo, Brooklyn.
According to the lender, EJME failed to pay off the note when it came due in November 2024 and did not secure an extension for the maturity date. The original loan was issued by AIG Investments before being taken over by Corebridge Financial after its formation in 2022 from a spinoff of AIG’s assets.
EJME purchased the property at 29-35 Jay Street from the Forman Group in March 2020 for $61.5 million, when it was still a two-story brick warehouse. The acquisition was supported by a $40 million loan from Bank of America. Later that year, EJME submitted plans for a new commercial building totaling over 184,000 square feet.
The suit claims that although EJME requested more time for the project, it did not pay the required fee for an extension.
This is not the only legal or financial challenge facing EJME this year. In July, the company and its partners Meyer Chetrit and Joseph Moinian were threatened with foreclosure on their leasehold interests at three office buildings on Seventh Avenue. In that instance, lenders said rent was not being collected and they had to cover utility costs after missed payments.
In December 2024, EJME nearly defaulted on another office tower at 1166 Sixth Avenue but managed to refinance with Wells Fargo.
Despite these issues, EJME has recently secured significant leases. In June, L.E.K. Consulting agreed to a decade-long lease covering 54,000 square feet in one of EJME’s Midtown properties. Earlier this year, government agencies signed major leases: FDIC took up 148,000 square feet in Midtown while U.S. Customs and Border Protection leased nearly as much space in Jamaica plaza.
