The Real Deal New York

Jemal family scores $68M loan to acquire Chelsea building

Signature Bank is the lender for the 40K sf property
By Miriam Hall | August 21, 2017 01:45PM

258-278 Eighth Avenue

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.