Updated Dec 2, 2025
Jacob Kohn Of Jay Group Acquires 97 West Street Development Site In Greenpoint For $130M
97 West Street
$130,000,000
Units
590
Asset Type
Development Site
Closing
Dec 1, 2025
About this deal
AI
The property asset involved in this transaction is a development site located at 97 West Street in Greenpoint, Brooklyn. The sale price for this asset is $130,000,000. It is part of a waterfront project where a construction loan of $320,000,000 was secured to build a 590-unit rental project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $130,000,000
- Buyer: Jacob Kohn - Jay Group
- Seller: Jack Guttman - Pearl Realty Management
- Broker: Henry Bodek - Galaxy Capital
This transaction highlights the involvement of Jacob Kohn as the buyer, representing Jay Group. Jack Guttman was the seller, associated with Pearl Realty Management. The deal was brokered by Henry Bodek from Galaxy Capital, facilitating the acquisition of the development site.
On the Map
$130,000,000
Development Site
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Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93