Jemal family scores $68M loan to acquire Chelsea building

Signature Bank is the lender for the 40K sf property

TRD New York /
Aug.August 21, 2017 01:45 PM

Retail players JJ Operating secured $68 million to Acquire A Two Story Commercial Property On Eighth Avenue in Chelsea, according to records filed with the city Monday.

Signature Bank provided the financing for the acquisition of the two-story, 40,000-square-foot property at 258-278 Eighth Avenue. The money is divided into two mortgages, documents show. There is one for $31.5 million and another for $35 million, documents show. Once consolidated with the remaining principal of a $3 million loan, the total package is for $68 million, per records.

The real estate firm, which is owned by the Jemal family, paid $107 million for the commercial building at 24th Street and Eighth Avenue earlier this month. New York Sports Clubs, Gap, CVS and other stores are tenants in the building.

The Jemals, a prominent Syrian Jewish real estate family, recently refinanced their property at 2501 Grand Concourse with a loan from Bank of America. The firm also owns 1775 Grand Concourse, and retail properties in New Jersey and Pennsylvania.

Representatives for Signature Bank and JJ Operating were not immediately available to comment.

Related Articles


Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

163 North 6th Street and the Tel Aviv Stock Exchange Bull (Credit: Google Maps, Wikipedia)

Joel Gluck’s Israeli bond issuance falls through as Williamsburg rental project faces financing crunch

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism