Jay Group files plans for 360 of 450 units at $75M Downtown Brooklyn site
Jay Group development plan 104-106 Fleet Place, 159-165 Willoughby Street, and 287 Flatbush Avenue Extension (Credit - Joseph Frankl architect via DOB)
Jacob Kohn’s Jay Group revealed plans this week to develop five 27-story towers each with 90 residential units on five tax lots it purchased August 28, 2024, for $75 million from Jack Guttman‘s Pearl Realty Management.
Four of the five plans have been disclosed in Department of Buildings public records. All five projects are sketched out in a map disclosed as part of the filings, shown below. The architect for all of the filings is JFA Architects & Engineers.
The addresses are 104 Fleet Place filed by Yoel Kohn, 106 Fleet Place filed by Moshe Berger, 165 Willoughby Street filed by Shimon Drummer, 159 Willoughby Street not yet filed and 287 Flatbush Avenue Extension filed by Abe Kohn. The job for 159 Willoughby Street has not yet been filed, but is also described as a 27-story building in the plan map and it would have to have 90 units to total the 450 as the total reported in other documents.
Each of the four buildings is described as “proposed 27-story and cellar mixed-use building [with a] total of 90 dwelling units,” and the building at 287 Flatbush Avenue Extension adds “and general retail.”
The block
On this tax block, PincusCo has identified the owners of nine of the nine commercial properties representing 65,597 square feet of the 65,597 square feet. The two identified owners are Jay Group and Nyct. On the tax block, there were five new building construction projects totaling 400,457 square feet. The largest is a 90-unit, 102,123 square-foot residential (R-2) building submitted by Abe Kohn with plans filed September 17, 2024 and it has not been permitted yet. The second largest is a 90-unit, 100,156 square-foot residential (R-2) building submitted by Shimon Drummer with plans filed September 17, 2024 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Jay Group owned at least 15 commercial properties 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 $437.4 million in debt, with top three lenders as G4 Capital Partners, Bank Hapoalim, 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 owner according to the Department of Housing Preservation and Development is Jacob Teitelbaum, individual owner.
The surrounding
Within a 400-foot radius of 165 Willoughby Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. Of those three items, one was in new building development. It was a new building permit issued on September 6, 2023 for a 240,092-square-foot residential (R-2) building with 292 residential units at 101 Fleet Place. One of those three items was a sale which Jay Group bought the 0-square-foot industrial (G7) on 102 Fleet Place and three other properties for $50 million from Pearl Realty Management on August 30, 2024. One of those three items was a loan which Jay Group borrowed $100 million from Affinius Capital secured by the 20,073-square-foot, one-unit industrial (W9) on 101 Fleet Place on June 7, 2024.
Direct link to the property’s ACRIS page and link to DOB NOW portal.