HUBB NYC pays $105M to Jay Group for 141-unit apartment in Harlem

HUBB NYC through the entity 60 West 125th St LLC paid $105 million to the Jay Group through the entity 5462 125th Realty LLC for the three commercial condominiums that compose the mixed-use building (CC) at 60 West 125th Street in Harlem, Manhattan.
The deal closed on September 15, 2021 and was recorded on September 29, 2021. The Real Deal reported on the sale earlier this month.

The signatory for Jay Group was Jacob Aini. The signatory for HUBB NYC was John P. McCarthy and Steve Dluzyn.

This is for a 141-unit rental and retail building divided into three commercial condominium units. Two are retail units and one is the residential unit. 46 of the residential units are affordable. The contract date was September 15, 2021, the same as the closing date. The members of Jay Group include Jacob Kohn, Abraham Kohn, Eli Chetrit and Jacob Aini.

Within a 400-foot radius of 56 West 125th Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was in new building development. It was a new building permit issued on April 2, 2021 for a 357,425-square-foot R-2 building with 171 residential units at 126 West 126th Street.
Of those six items, two were sales above $5 million totaling $55.5 million. The most recent of the two was Regal Acquisitions which bought the 15,012-square-foot, four-unit office building (O5) on 286 Lenox Avenue for $10.2 million from Real Estate Equities Corporation on April 1, 2020.
Of those six items, three were loans above $5 million totaling $24.4 million. The most recent of the three was Regal Acquisitions which borrowed $7.0 million from Td Bank, N.A. secured by the 15,012-square-foot, four-unit office building (O5) on 286 Lenox Avenue on March 26, 2021.

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