The Jay Group and G4 Capital Partners are continuing their work together, with the lender now providing $320 million to the developer to build a residential tower in Brooklyn.
Located at 97 West Street in Greenpoint, the project is set to construct 590 rental units, according to a report from The Real Deal. Galaxy Capital's Henry Bodek arranged the construction loan.
This marks the third deal struck between Jay and G4 in Brooklyn, the news outlet said. It comes after Jay secured a $55 million loan from the lender in 2024 to purchase six lots at 102-110 Fleet Place, as previously reported by the Commercial Observer. The news outlet also reported that G4 issued a $130 million construction loan for Jay's 21-story mixed-use tower, 101 Fleet Place.
Separately this year, Jay has been involved with at least one more Brooklyn project. BHI and Israel Discount Bank provided the Brooklyn-based firm with $105 million in financing to support the development of two multifamily buildings in the borough's Downtown area, according to Arrow Real Estate Advisors, which brokered the transaction.
The activity by Jay in Brooklyn comes as the borough navigates through a wave of supply. The 6,500 apartment deliveries between July and September marks double the amount normally seen during this typical time frame, according to a report from CoStar. The flurry comes from the tax incentive program 421-a, which expired in 2022, according to Victor Rodriguez, senior director of analytics for CoStar's NYC market. However, Rodriguez does expect Brooklyn to see a "massive decline in deliveries" in the short term, as the last batch of supply incentivized by the program comes online.
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