Jay Group, Jacob Aini sign $92M construction loan for 270-unit project in Inwood

Jay Group and Jacob Aini through the entity 3761 207th Street Realty LLC as borrower signed a new construction loan with lender Bank Hapoalim valued at $92 million for the 270-unit project at 401 West 207th Street in Inwood, Manhattan.
On the lot, there is one active new building construction project for a 270-unit, 210,932 square-foot residential (R-2) building. The project was submitted by Jay Group and filed by Joel Kohn with plans filed January 28, 2022 and permitted May 26, 2022.
The deal closed on September 13, 2023 and was recorded on October 3, 2023. The price per the development’s square feet is $436 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 March 16, 2022, for $25 million. The signatory for Jay Group and Jacob Aini was Jacob Aini and Jacob Kohn. The signatory for Bank Hapoalim was Ilana Druyan and David Kesselman.

The property

The parcel has frontage of 294 feet and is 95 feet deep with a total lot size of 27,449 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 $2.5 million.

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 $1,000 in OATH penalties in the last year.

The neighborhood

In Inwood, The bulk, or 43 percent of the 15 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 34 percent of the space. In sales, Inwood has 1.2 times the average sales volume among other neighborhoods with $422.3 million in sales volume in the last two years and is the 30th highest in Manhattan. For development, Inwood has 2.1 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Manhattan. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 2,100 square feet of the 2,100 square feet. The two identified owners are Jay Group and City of New York.
On the tax block, there was one new building construction project filed totaling 210,932 square feet. It is a 270-unit, 210,932 square-foot residential (R-2) building submitted by Jay Group and filed by Joel Kohn with plans filed January 28, 2022 and permitted May 26, 2022.

The borrower

The PincusCo database currently indicates that Jay Group owned at least seven commercial properties in New York City with 54,642 square feet and a city-determined market value of $9.2 million. (Market value is typically about 50% of actual value.) The portfolio has $203.4 million in debt, borrowed from Bank Hapoalim and G4 Capital Partners. Within the portfolio, the bulk, or 63 percent of the 54,642 square feet of built space are industrial properties, with specialty properties next occupying 37 percent of the space. The bulk, or 58 percent of the built space, is in Manhattan, with Brooklyn next at 42 percent of the space.
The PincusCo database currently indicates that Jacob Aini owned at least five commercial properties with 12 residential units in New York City with 465,128 square feet and a city-determined market value of $136.9 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 91 percent of the 465,128 square feet of built space are office properties, with industrial properties next occupying 6 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.

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