Jay Group Closes on $130M Development Site in Greenpoint

The Jay Group in November secured a massive construction loan for a project on the Greenpoint waterfront. Now, it has the site to match.

Jacob Kohn’s firm acquired the lot at 97 West Street in the Brooklyn neighborhood from Jack Guttman’s Pearl Realty Management for $130 million, the Commercial Observer reported. Pearl Realty had owned the site since 2001, when it acquired the lot between Greenpoint Avenue and Milton Street for $7 million.

None of the parties involved in the transaction commented to the publication. The sale was disclosed in city records on Monday.

Last month, the Jay Group landed a $320 million construction loan for a 590-unit rental project on the site. G4 Capital Partners provided the financing. The financing and acquisition were first reported by The Promote.

The Jay Group has been active on the Greenpoint waterfront with help from G4 Capital. The developer acquired 101 Fleet Place in 2021 for $42.8 million and landed a $130 million construction loan from G4. The developer built a 21-story residential tower at the site.

G4 also provided a $55 million loan to the Jay Group last year to purchase six lots in the same area — 102-110 Fleet Place, 165 Willoughby and 275 Flatbush Extension — for $75 million. Those lots were also previously connected to Pearl Realty, demonstrating an ongoing relationship between buyer and seller.

The neighborhood at the northern tip of Brooklyn was rezoned in 2005, allowing residential construction in an area once overrun by industrial activity.

Elsewhere on West Street, TF Cornerstone is planning a 1,000-unit project at No. 45. Roughly 10 blocks north at Greenpoint Landing, Domain Companies, LMXD and Park Tower proposed 1,000 units, 20,000 square feet of retail and a public park; about 300 units would be set aside as affordable.

— Holden Walter-Warner