Jay Group Buys Greenpoint Development Site for $130M
By Isabelle Durso December 1, 2025 1:56 pm
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Jacob Kohn’s Jay Group has acquired a development site in Greenpoint, Brooklyn, with plans to build a new residential project there.
Jay Group, through the entity 97 West Realty, purchased the lot at 97 West Street from Pearl Realty Management, which used the entity 91 West, for $130 million, according to city records made public Monday.
Kohn signed the deal for the buyer, while Jack Guttman, president of Pearl Realty, signed for the seller, records show.
News of the deal comes after Jay Group secured a $320 million construction loan from G4 Capital Partners last month to build a 590-unit rental building on the waterfront site, The Real Deal reported. Galaxy Capital’s Henry Bodek brokered that transaction.
It’s unclear who brokered the new sale. Spokespeople for Jay Group and G4 Capital did not immediately respond to requests for comment, while Guttman could not be reached for comment.
Pearl Realty bought the lot between Greenpoint Avenue and Milton Street in 2001 for an undisclosed amount, property records show.
This isn’t the first time Pearl Realty has sold off some of its Brooklyn land to Jay Group. In September 2024, Kohn bought six lots from Pearl Realty for a 500-unit residential project in Downtown Brooklyn for $75 million, as Commercial Observer previously reported. G4 Capital also provided a $55 million acquisition loan for that transaction.
That came after Jay Group purchased the nearby lot at 101 Fleet Place in Downtown Brooklyn from the Leser Group in 2021 for $42.8 million, CO reported at the time.
Jay Group’s new project at 97 West Street also comes during a flurry of development activity in Greenpoint.
TF Cornerstone is planning a 1,060-unit residential complex at 45 West Street and 15 Oak Street, while Domain Companies, LMXD and Park Tower Group are gearing up for a new development at Greenpoint Landing featuring more than 1,000 new apartments, 20,000 square feet of retail space and a new public park.
Isabelle Durso can be reached at idurso@commercialobserver.com.
