Jay Group signs $34.8M construction loan for 70-unit project in Greenpoint
Jay Group through the entity 210 Greenpoint Realty LLC as borrower signed a new construction loan with lender Bank Hapoalim valued at $34.8 million for the 70-unit project at 237 McGuinness Boulevard also known as 210 Greenpoint Avenue in Greenpoint, Brooklyn.
There is a new building project for a 70-unit, 57,673 square-foot residential (R-2) building submitted by Jay Group and filed by Joel Kohn with plans filed February 14, 2022.
The loan closed on March 29, 2023 and was recorded on April 14, 2023.
The owner bought the property on March 16, 2022, for $5.6 million. The signatory for Jay Group was Jacob Kohn.
The property
The parcel has frontage of 89 feet and is 108 feet deep with a total lot size of 13,675 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $863,000.
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 $5,525 in ECB penalties in the last year.
The neighborhood
In Greenpoint, the bulk, or 29 percent of the 23.7 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Greenpoint has 2.1 times the average sales volume among other neighborhoods with $716 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Greenpoint has 2.5 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Brooklyn. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of 13 of the 20 commercial properties representing 86,409 square feet of the 108,514 square feet. The largest owner is Virginia Folek, followed by Stellar Management and then Stanislaw Sulicki.
On the tax block, there is a 70-unit, 57,673 square-foot residential (R-2) building submitted by Jay Group and filed by Joel Kohn with plans filed February 14, 2022 and permitted May 26, 2022.
The majority, or 48 percent of the 108,514 square feet of built space are walkup buildings, with elevator buildings next occupying 34 percent of the space.
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. The portfolio has $168.6 million in debt, borrowed from G4 Capital Partners and Bank Hapoalim. 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.
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