Jay Group, partners sign $130M refi with Morgan Stanley for 273-unit rental in Inwood

Jay Group, Jacob Aini, and Paul Gagliardi through the entity 3761 207th Street Realty LLC as borrower signed a refi loan with lender Morgan Stanley through the entity Morgan Stanley Bank, N.A. valued at $130 million for the mixed-use building with 273-unit at 3880 Ninth Avenue in Inwood, Manhattan.
The deal closed on June 15, 2026 and was recorded on June 24, 2026. The prior lender was Apollo Global Management which held debt that had an original loan amount of $92 million.

The building is divided into two commercial condominiums totaling 292,212 square feet. One unit comprises the residential units, the other the retail space that has about 17,000 square feet on the ground floor and about 19,000 square feet on the lower level.
The signatory for Jay Group , Jacob Aini , and Paul Gagliardi was Jacob Kohn , Paul Gagliardi, and Jacob Aini. The signatory for Morgan Stanley was Kristin Sansone .

The block

On the tax block of 3880 9th Avenue, 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 Jacob Aini 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 273-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 December 21, 2023.

The majority, or 100 percent of the 2,100 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Jay Group owned at least 23 commercial properties with 2,210 residential units in New York City with 840,263 square feet and a PincusCo-determined asset value of $2 billion. The portfolio has $1.1 billion in debt, with top three lenders as Affinius Capital , G4 Capital Partners , and Bank Hapoalim respectively. Within the portfolio, the bulk, or 59 percent of the 840,263 square feet of built space are office properties, with industrial properties next occupying 16 percent of the space. The bulk, or 77 percent of the built space, is in Manhattan, with Brooklyn next at 21 percent of the space.
The PincusCo database currently indicates that Jacob Aini owned at least 23 commercial properties with 2,210 residential units in New York City with 840,263 square feet and a PincusCo-determined asset value of $2 billion. The portfolio has $27 million in debt, borrowed from Sterling National Bank . Within the portfolio, the bulk, or 59 percent of the 840,263 square feet of built space are office properties, with industrial properties next occupying 16 percent of the space. The bulk, or 77 percent of the built space, is in Manhattan, with Brooklyn next at 21 percent of the space.
The PincusCo database currently indicates that Paul Gagliardi owned at least 23 commercial properties with 2,210 residential units in New York City with 840,263 square feet and a PincusCo-determined asset value of $2 billion. The portfolio has $10 million in debt, borrowed from Ponce Bank . Within the portfolio, the bulk, or 59 percent of the 840,263 square feet of built space are office properties, with industrial properties next occupying 16 percent of the space. The bulk, or 77 percent of the built space, is in Manhattan, with Brooklyn next at 21 percent of the space.

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