Jay Group pays $42.6M for four properties owned by Speedway, DOB plans filed on some

The Jay Group, with members including Jacob Aini, Jacob Kohn and Joel Kohn, purchased a portfolio of four properties from convenience store and gas station chain Speedway for a total of $42.6 million. Jay Group has filed development plans on several of them, as PincusCo previously reported.

The properties are 401 West 207th Street in Inwood, which was bought for $25 million, 2864 Atlantic Avenue in East New York, Brooklyn which was bought for $7.5 million, 210 Greenpoint Avenue in Greenpoint, Brooklyn which was bought for $5.6 million, and 1885 Atlantic Avenue in Bed Stuy, Brooklyn which was bought for $4.5 million.

Joel Kohn was identified as the owner in DOB filings including plans for a 178-unit, 127,821-square-foot mixed-use building at 2886 Atlantic Avenue. The permit application was filed in February, as PincusCo reported.

Jacob Aini was identified as the buyer of the properties by TradedNY and confirmed his involvement to PincusCo. His signature appears on the deed documents filed in Acris. Aini declined to comment further.

The deals closed on March 16, 2022 and was recorded on March 31, 2022. Gregory S. Whitman, vice president of 7-Eleven midwest operations, was the signatory for Speedway on all but one of the deeds. Beth A. Hunter, senior vice president of finance for Speedway signed on he deed for 1885 Atlantic Avenue.

Jay Group, on February 18, filed a permit application for construction of a 178-unit, 127,821-square-foot mixed-use building at 2886 Atlantic Avenue in East New York, Brooklyn.

Jay Group, on February 14, filed two permit applications for the construction of an 80-unit, 60,617-square-foot mixed-use building at 1889 Atlantic Avenue in Bedford-Stuyvesant, and a 70-unit, 57,673-square-foot mixed-use building at 237 McGuinness Boulevard in Greenpoint, Brooklyn.

Jacob Kohn was the identified as a member of  the entity 401 W 207th Realty LLC and related entities, which have an address of 40 Oser Avenue, Suite 4 in Hauppauge, NY. The address matches that of the corporate headquarters of Iconix, an electronic manufacturing company with which Jacob Kohn is associated.

Speedway’s corporate headquarters is located at the same address as seller LLC. Gregory Whitman is a vice president of 7-Eleven midwest operations.  The electronics-affiliated company Iconix is associated with the buyer LLC.  This address is visible on the buyer certification page.

In 2018, Crain’s described Jay Group as, “a Long Island-based private investment firm controlled by Avrohom Yitzchok and Joel Kohn.” A recent brownfield clean up filing identifies Jacob Kohn as a member and as a managing member of this entity.

Direct link to Acris document. link