Jay Group, AB & Sons Group get $81.6M refi with H.I.G. for 238-unit project in Harlem

Jay Group, AB & Sons Group and Jacob Aini through the entity 620w153 AA LLC and others as borrowers signed a loan with lender H.I.G. Capital through the entity H.I.G. Realty Financing II LLC valued at $81.6 million for the 238-unit development at 620 West 153rd Street in Harlem, Manhattan.
The deal closed on April 3, 2023 and was recorded on April 11, 2023.
This is a refinance of a $67.8 million 2021 construction loan. The signatories for the borrowers were Jacob Kohn, Jacob Aini and Eliahou Chetrit.

The project is a new development. Joel Kohn of Jay Group and of 620 W153 LLC submitted a new building construction project for a 238-unit, 28-story residential (R-2) building at 620 West 153rd Street in Harlem, Manhattan. The plan was filed with the New York City Department of Buildings on December 15, 2020 under job number 140990890 and was permitted on November 4, 2021. It calls for the construction of a 28-story building.

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 one DOB violation in the last year.

The block

On this tax block, PincusCo has identified the owners of seven of the 10 commercial properties representing 262,462 square feet of the 364,943 square feet. The largest owner is Alma Realty, followed by Friedman Management and then Jay Group.
On the tax block, there were two new building construction projects totaling 44,404 square feet. The largest is a 238-unit residential (R-2) building submitted by Joel Kohn with plans filed December 15, 2020 and permitted November 4, 2021.

The majority, or 75 percent of the 364,943 square feet of built space are elevator buildings, with industrial buildings next occupying 16 percent of the space.

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