The Jay Group has something cooking in Downtown Brooklyn, positioning several properties for redevelopment.
The Bedford-Stuyvesant developer acquired several properties across from Brodsky Development’s City Point development, Crain’s reported. Jay Group spent $62.5 million on the sites, which include 102 Fleet Place, 165 Willoughby Street and 275 Flatbush Avenue Extension, plus another $12.5 million on air rights from 147 Pearl Street.
Pearl Realty’s sale of the land to Jay Group was first reported by PincusCo. Jay Group used a $50 million acquisition loan from G4 Capital Partners to finance the deal.
The Jay Group already filed plans to knock down the one-story car wash and oil change facility currently located at 275 Flatbush Avenue Extension, a 10,000-square-foot site next to the Fleet Place parcel, which is a parking lot.
What The Jay Group has planned for the entire 405,000-square-foot buildable swath of land is unclear. No building permits have been filed for the site, yet. But the zone is within the Special Downtown Brooklyn District, where tax incentives are available for large mixed-use projects with affordable housing components.
The Jay Group did not respond to a request for comment from Crain’s.
The development site is across the street from City Point, a behemoth of a Brodsky project that includes DeKalb Market Hall, a Trader Joe’s, a Target and the 68-story Brooklyn Point tower, which features 458 luxury condos.
Elsewhere in Downtown Brooklyn, Tishman Speyer recently landed a $301 million refinancing package for the historic Macy’s building. Starwood provided the loan for the office development above the original department store.
As for The Jay Group, the firm and its partner scored a $92 million construction loan last year from Bank Hapoalim to build a multifamily rental building at 401 West 207th Street in Inwood. The Jay Group filed permits the year before for a 17-story building with 270 rental units and 20,000 square feet of commercial space.
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