“Fleet” Week came early for the Jay Group’s sizable Downtown Brooklyn development.
Jacob Kohn’s firm landed $300 million to refinance its project at 102 Fleet Place, according to the Commercial Observer. Affinius Capital provided the debt, which will go towards completing construction and stabilizing the property through lease-up.
Galaxy Capital’s Henry Bodek arranged the transaction, which was first reported by The Promote.
The 495-unit luxury multifamily development is within shouting distance of several notable spots in the neighborhood, including the Barclays Center and the Fulton Mall. The project will rise 30 stories and include 3,700 square feet of retail space on the ground floor. Amenities will include a rooftop pool, a gym, a coworking space, a pet spa, an indoor climbing wall and pickleball courts.
The Jay Group paid $62.5 million for a series of sites from Pearl Realty in 2024, including 102 Fleet Place, 165 Willoughby Street and 275 Flatbush Avenue Extension. The developer spent an additional $12.5 million on air rights from 147 Pearl Street.
About nine months ago, the Jay Group landed a $53 million construction loan for a 99-unit building at 165 Willoughby. Ponce Bank provided the financing, a major step forward for the five-building project; the developer landed a construction loan in April for two of the other buildings.
In December, the firm acquired a development site at 97 West Street in Greenpoint from Pearl Realty for $130 million, after securing a $320 million construction loan for a planned 590-unit rental project on the site.
Elsewhere in DoBro, Steven Shi’s FBL Development filed plans for a 30-story, 158-unit project at 245 Duffield Street, Shi’s first foray into Brooklyn.
— Holden Walter-Warner
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Jay Group lands $53M loan for another 99-unit building
Jay Group closes on $130M development site in Greenpoint
Steven Shi files plans for 30-story DoBro debut