Jay Group, AB & Sons, Jacob Aini sign $100.8M refi for 294-unit rental in Downtown Brooklyn

Jay Group, AB & Sons Group, and Jacob Aini through the entity 101 Fleet Aa LLC as borrower signed a refi loan with lender New York Life Insurance Company valued at $100.8 million for the 294-unit residential elevator building (D6) at 101 Fleet Place in Downtown Brooklyn, Brooklyn.
The deal closed on July 10, 2025 and was recorded on July 28, 2025. The prior lender was Affinius Capital which held debt that had an original loan amount of $100 million.The property has 291,284 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $346 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 owner bought the property on December 9, 2021, for $42.8 million. The signatory for Jay Group , AB & Sons Group , and Jacob Aini was Eliyahou Chetrit . The signatory for New York Life Insurance Company was Lisa Bai .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Joel Kohn, head officer and Devoiry Schwartz, agent. The business entity is 101 Fleet Holding Llc. The 291,284-square-foot property generated revenue of $13.6 million or $47 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 294 residential units in Downtown Brooklyn has 291,284 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 127 feet and is 168 feet deep with a total lot size of 20,502 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.1 million. The most recent loan totaled $100 million and was provided by Affinius Capital on May 24, 2024.

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 $600 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, B00653276, for a 292-unit, 240,092 square-foot R-2 building. The project was submitted by Jay Group and filed by Joel Kohn with plans filed January 4, 2022 and permitted December 7, 2023.

The block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 20,073 square feet of the 396,402 square feet. The identified owner is Jay Group.
On the tax block, there was one new building construction project filed totaling 240,092 square feet. It is a 292-unit, 240,092 square-foot residential (R-2) building submitted by Jay Group and filed by Joel Kohn with plans filed January 4, 2022 and permitted December 7, 2023.

The majority, or 95 percent of the 396,402 square feet of built space are elevator buildings, with specialty buildings next occupying 5 percent of the space.

The borrower

The PincusCo database currently indicates that Jay Group owned at least 14 commercial properties with 961 residential units in New York City with 114,482 square feet and a city-determined market value of $19.7 million. (Market value is typically about 50% of actual value.) The portfolio has $646.6 million in debt, with top three lenders as Bank Hapoalim, Ponce Bank, and G4 Capital Partners respectively. Within the portfolio, the bulk, or 46 percent of the 114,482 square feet of built space are office properties, with industrial properties next occupying 32 percent of the space. The bulk, or 72 percent of the built space, is in Brooklyn, with Manhattan next at 28 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 PincusCo database currently indicates that Ab & Sons Group owned at least four commercial properties with 253 residential units in New York City with 228,122 square feet and a city-determined market value of $108.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 45 percent of the 228,122 square feet of built space are office properties, with mixed-use properties next occupying 42 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link