The Jay Group in November secured a massive construction loan for a challenge on the Greenpoint waterfront. Now, it has the location to match.
Jacob Kohn’s agency acquired the lot at 97 West Avenue within the Brooklyn neighborhood from Jack Guttman’s Pearl Realty Administration for $130 million, the Business Observer reported. Pearl Realty had owned the location since 2001, when it acquired the lot between Greenpoint Avenue and Milton Avenue for $7 million.
Not one of the events concerned within the transaction commented to the publication. The sale was disclosed in metropolis data on Monday.
Final month, the Jay Group landed a $320 million construction loan for a 590-unit rental challenge on the location, but it surely was unclear on the time if it truly owned the lot. G4 Capital Companions offered the financing.
The Jay Group has been energetic on the Greenpoint waterfront with assist from G4 Capital. The developer acquired 101 Fleet Place in 2021 for $42.8 million and landed a $130 million building mortgage from G4. The developer constructed a 21-story residential tower on the web site.
G4 additionally offered a $55 million mortgage to the Jay Group final 12 months to buy six tons in the identical space — 102-110 Fleet Place, 165 Willoughby and 275 Flatbush Extension — for $75 million. These tons have been additionally beforehand related to Pearl Realty, demonstrating an ongoing relationship between purchaser and vendor.
The neighborhood on the northern tip of Brooklyn was rezoned in 2005, permitting residential building in an space as soon as overrun by industrial exercise.
Elsewhere on West Avenue, TF Cornerstone is planning a 1,000-unit project at No. 45. Roughly 10 blocks north at Greenpoint Touchdown, Area Corporations, LMXD and Park Tower proposed 1,000 items, 20,000 sq. toes of retail and a public park; about 300 items could be put aside as reasonably priced.
Learn extra
Jay Group secures $320M construction loan for Greenpoint towers
TF Cornerstone plans 1K-unit Greenpoint development
Domain, LMXD join Park Tower for Greenpoint Landing’s next phase
