Jay Group signs $101M construction loan with G4 Capital for multifamily in Downtown Brooklyn

The Jay Group through the entity 101 Fleet Holding LLC as borrower signed a new construction loan with lender G4 Capital Partners through the entity G4 18224, LLC valued at $100.8 million for the industrial (W9) at 101 Fleet Place in Downtown Brooklyn, Brooklyn.
The Commercial Observer reported the total loan would be $130 million for a multifamily development in an article earlier this month, noted that Galaxy Capital’s Henry Bodek arranged the financing. Jay Group with AB & Sons’ Isaac Chetrit as signatory purchased the parcel at the same time, for $42.75 million.
The deal closed on December 9, 2021 and was recorded on December 23, 2021.
The property has 20,073 square feet of built space and 180,657 square feet of additional air rights for a total buildable of 200,730 square feet according to PincusCo analysis of city data. The loan price per built square foot is $3,927 and the price per buildable square foot is $392 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 Jay Group was Jacob Kohn.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.

There have been 2 demolition projects filed over the past five years.

Direct link to Acris document. link