Jay Group signs $67.8M construction loan with Bank Hapoalim for 238-unit project in Harlem

Jay Group, AB & Sons Group, and Jacob Aini through the entity 620 W 153 Realty LLC as borrower signed a new construction loan with lender Bank Hapoalim through the entity Bank Hapoalim B.M. valued at $67.8 million for the 238-unit residential project at 620 West 153rd Street in Harlem, Manhattan.
The deal closed on December 3, 2021 and was recorded on December 17, 2021.

Jay Group obtained a a permit on November 4, 2021 for a 222,329-square-foot R-2 building with 238 residential units at 620 West 153rd Street.

The signatory for Jay Group, AB & Sons Group, and Jacob Aini was Jacob Kohn.

Jacob Aini was the signatory for Broadway Capital Holding, the prior lender.

Within a 400-foot radius of 620 West 153rd Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were in new building development. There were one new building permit application and one new building permit.
One of those four items was a sale which AB & Sons Group and Aini Capital bought 622 West 153rd Street and one other property for $28.8 million from Anbau, Inc. on May 20, 2020.
One of those four items was a loan which Pinnacle Group borrowed $39 million from Axos Bank secured by 18 condo units in the 42-unit condo (R4) at 750 Riverside Drive and 312 other unsold condo units on March 2, 2021.

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