We present a complete low-resolution ( R \sim 100 ) near-infrared spectrum of the substellar object GY 11 , member of the \rho -Ophiuchi young association . The object is remarkable because of its low estimated mass and age and because it is associated with a mid-infrared source , an indication of a surrounding dusty disk . Based on the comparison of our spectrum with similar spectra of field M-dwarfs and atmospheric models , we obtain revised estimates of the spectral type , effective temperature and luminosity of the central object . These parameters are used to place the object on a Hertzprung-Russell diagram and to compare with the prediction of pre-main sequence evolutionary models . Our analysis suggests that the central object has a very low mass , probably below the deuterium burning limit and in the range 8–12 M _ { Jupiter } , and a young age , less than 1 Myr . The infrared excess is shown to be consistent with the emission of a flared , irradiated disk similar to those found in more massive brown dwarf and TTauri systems . This result suggests that substellar objects , even the so-called isolated planetary mass objects , found in young stellar associations are produced in a similar fashion as stars , by core contraction and gravitational collapse .