The Jay Group Pays $63M For 2 Sites Across From Its Downtown Brooklyn Development
The Jay Group is adding to its holdings in a slice of Downtown Brooklyn where it is already developing an apartment building.
The Brooklyn-based developer has acquired 102-110 Fleet Place and 275 Flatbush Ave. Ext, two closely situated lots, for a total of $62.5M, according to property records filed with the city.
At 275 Flatbush Ave. Ext, The Jay Group also filed a demolition permit Thursday to tear down the car wash located on the site.
The developer paid $50M for four parcels at 102-110 Fleet Place and another $12.5M for two properties at 275 Flatbush Ave. Ext., according to city records.
The Jay Group couldn't be reached for comment.
Neighboring the lots is 101 Fleet Place, Jay Group's rising 21-story mixed-use residential building. Earlier this year, Affinius Capital provided a $160M loan to fund the remaining construction on the 294-unit project, which is expected to be completed next year.
The low-profile developer has been one of the more active multifamily builders in the city over the past few years.
In April, it secured $117M to refinance the Sunrose Tower at 620 West 153rd St. in Hamilton Heights, which it co-owns with the Chetrit family. Last year, it nabbed a $92M construction loan to complete an 18-story rental building at 401 West 207th St. The project will bring 270 rental units to Inwood.
