Jay Group pays $130M to Pearl Realty for dev site in Greenpoint

Jay Group through the entity 97 West Realty LLC paid $130 million to Pearl Realty Management through the entity 91 West LLC for the development site currently occupied by an industrial building (E9) at 97 West Street in Greenpoint, Brooklyn. The expected use is ground up development.

The Promote reported on this in November.
The deal closed on November 14, 2025 and was recorded on December 1, 2025. The property has 67,000 square feet of built space and 553,784 square feet of additional air rights for a total buildable of 620,136 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $209 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 signatory for Pearl Realty Management was Jack Guttman . The signatory for Jay Group was Jacob Kohn . The contract date was September 11, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jay Group purchased six properties in two transactions for a total of $62.5 million and sold one property in one transaction for a total of $69 million over the past 24 months.
The seller Pearl Realty Management purchased four properties in four transactions for a total of $103.8 million and sold 13 properties in seven transactions for a total of $262.1 million over the same time period.

The property

The industrial building in Greenpoint has 67,000 square feet of built space and 553,784 square feet of additional air rights for a total buildable of 620,136 square feet according to a PincusCo analysis of city data. The parcel has frontage of 503 feet and is 220 feet deep with a total lot size of 255,200 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $10.8 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 $2,000 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the seven commercial properties representing 196,559 square feet of the 200,675 square feet. The largest owner is Watermark Capital Group, followed by Pearl Realty Management and then Bns Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 200,675 square feet of built space are elevator buildings, with industrial buildings next occupying 33 percent of the space.

The seller

The PincusCo database currently indicates that Pearl Realty Management owned at least 66 commercial properties with 10 residential units in New York City with 1,614,125 square feet and a city-determined market value of $222.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 49 percent of the 1,614,125 square feet of built space are industrial properties, with office properties next occupying 38 percent of the space. The bulk, or 53 percent of the built space, is in Brooklyn, with Queens next at 34 percent of the space.

The buyer

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 $774.9 million in debt, with top three lenders as Bank Hapoalim, Affinius Capital, and Ponce Bank 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.

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