Adjmi’s ACHS Management signs $50M refi with Signature Bank for retail in Flatbush

1007 Flatbush Avenue (Credit- Google)

The Adjmi family’s ACHS Management through the entity Flatbush Delaware Holding LLC as borrower signed a refi loan with lender Signature Bank valued at $50 million for the retail building at 1007 Flatbush Avenue in Flatbush, Brooklyn.
The deal closed on April 8, 2022 and was recorded on April 22, 2022. The prior lender was Signature Bank which held debt that had an original loan amount of $50 million.

The property has 141,599 square feet of built space and 118,927 square feet of additional air rights for a total buildable of 260,355 square feet according to PincusCo analysis of city data. The loan price per built square foot is $353 and the price per buildable square foot is $192 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on August 9, 2004, for $35.4 million. The signatory for ACHS Management was Harry Adjmi. The signatory for Signature Bank was Nicholas A. LaMorte.

The property

The 1007 Flatbush Avenue parcel has frontage of 292 feet and is 224 feet deep with a total lot size of 107,142 square feet. The lot is irregular. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $30.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received one DOB violation, $1,250 in ECB penalties, and $12,250 in OATH penalties in the last year.


For the tax lot building, it received its initial certificate of occupancy on July 5, 2018. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Flatbush, the bulk, or 47 percent of the 51.8 million square feet of commercial built space are residential elevator buildings, with 1-4 family buildings next occupying 17 percent of the space. In sales, Flatbush has had very little sales volume relative to other neighborhoods with $208.8 million in sales volume in the last two years. For development, Flatbush has near average amount of major developments among other neighborhoods and is the 20th highest in Brooklyn. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 21 commercial properties representing 169,347 square feet of the 238,930 square feet. The largest owner is ACHS Management, followed by Jay Friedman and then Elysee Investment Company. There are no active new building construction projects on this tax block.

The majority, or 42 percent of the 366,095 square feet of built space are retail buildings, with specialty buildings next occupying 27 percent of the space.

The borrower

The PincusCo database, which is incomplete, currently indicates that ACHS Management owned at least 52 commercial properties with 1,005,516 square feet and a city-determined market value of $392.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 71 percent of the 1,005,516 square feet of built space are retail properties, with mixed-use properties next occupying 23 percent of the space. The bulk, or 48 percent of the built space, is in Brooklyn, with Manhattan next at 18 percent of the space.


Within a 400-foot radius of 1007 Flatbush Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was an initial temporary certificate of occupancy issued on December 8, 2020 for the $325,000 renovation of 3,167-square-foot R-2 building with six residential units at 2329 Bedford Avenue.

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