Camber, nonprofit, pay $69M to Jay Group, Jacob Aini for new 183-unit rental in East New York

Camber Property Group in partnership with the nonprofit Institute for Community Living through the entity 2886 Atlantic Ave LLC paid $69 million to Jay Group and Jacob Aini through the entity 2864 Atlantic Realty LLC for the newly completed 183-unit residential elevator building (D7) at 2864 Atlantic Avenue in East New York, Brooklyn. The expected use is cash flowing.
The deal closed on May 20, 2025 and was recorded on June 2, 2025. The property has 154,888 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $445 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

The buyers obtained an acquisition and rehabilitation loan for $94.3 million at the same time.
The signatory for Jay Group and Jacob Aini was Jacob Aini. The signatory for Camber Property Group and Institute for Community Living was Rick Gropper and Jody Rudin . The contract date was June 25, 2024. The Commercial Observer reported on the transaction previously. The sale price was reported at $72 million.

The city issued an initial certificate of occupancy on April 9, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Camber Property Group purchased 12 properties in six transactions for a total of $131.6 million and has no record it sold any properties over the past 24 months.
The seller Jay Group purchased six properties in two transactions for a total of $62.5 million and had not sold any properties over the same time period. The 154,888-square-foot property generated revenue of $5.6 million or $36 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 183 residential units in East New York has 154,888 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 99 feet deep with a total lot size of 18,111 square feet. The lot is irregular. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $996,000. The most recent loan totaled $52 million and was provided by Cross River Bank on October 10, 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,085 in OATH penalties in the last year.

Development

On the lot, there was one active new building construction project, B00673635, for a 178-unit, 127,821 square-foot R-2 building. The project was submitted by Jay Group and filed by Joel Kohn with plans filed February 18, 2022 and permitted August 7, 2023.

The block

On this tax block, PincusCo has identified the owners of one of the four commercial properties representing 1,597 square feet of the 17,100 square feet. The identified owner is Jay Group.
On the tax block, there was one new building construction project filed totaling 127,821 square feet. It is a 178-unit, 127,821 square-foot residential (R-2) building submitted by Jay Group and filed by Joel Kohn with plans filed February 18, 2022 and permitted August 11, 2022.

The majority, or 86 percent of the 17,100 square feet of built space are industrial buildings, with mixed-use buildings next occupying 14 percent of the space.

The seller

The PincusCo database currently indicates that Jay Group owned at least 15 commercial properties with 1,144 residential units in New York City with 116,079 square feet and a city-determined market value of $20.8 million. (Market value is typically about 50% of actual value.) The portfolio has $585.6 million in debt, with top three lenders as Bank Hapoalim, G4 Capital Partners, and Affinius Capital respectively. Within the portfolio, the bulk, or 45 percent of the 116,079 square feet of built space are office properties, with industrial properties next occupying 33 percent of the space. The bulk, or 73 percent of the built space, is in Brooklyn, with Manhattan next at 27 percent of the space.
The PincusCo database currently indicates that Jacob Aini owned at least eight commercial properties with 520 residential units in New York City with 613,288 square feet and a city-determined market value of $193.3 million. (Market value is typically about 50% of actual value.) The portfolio has $27 million in debt, borrowed from Sterling National Bank. Within the portfolio, the bulk, or 73 percent of the 613,288 square feet of built space are office properties, with hotel properties next occupying 20 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Brooklyn next at 2 percent of the space.

The buyer

The PincusCo database currently indicates that Camber Property Group owned at least 81 commercial properties with 8,447 residential units in New York City with 8,639,610 square feet and a city-determined market value of $538.7 million. (Market value is typically about 50% of actual value.) The portfolio has $2.6 billion in debt, with top three lenders as NYC Housing Development Corporation, New York City Housing Authority, and NYC Housing Development Corporation respectively. Within the portfolio, the bulk, or 83 percent of the 8,639,610 square feet of built space are elevator properties, with D3 properties next occupying 12 percent of the space. The bulk, or 83 percent of the built space, is in Bronx, with Brooklyn next at 14 percent of the space.
The PincusCo database currently indicates that Institute For Community Living owned at least three commercial properties with 16 residential units in New York City with 33,115 square feet and a city-determined market value of $6.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 62 percent of the 33,115 square feet of built space are N9 properties, with walkup properties next occupying 38 percent of the space. They are all located in Brooklyn.

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