Chestnut Holdings signs $7.8M refi with Chase for 85 units in Flatbush

UPDATED 4:25 a.m., July 22, 2025: Chestnut Holdings of New York through the entity 555 O LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $7.8 million for the 85-unit residential elevator building (D1) at 555 Ocean Avenue in Flatbush, Brooklyn.
The deal closed on July 3, 2025 and was recorded on July 17, 2025. The prior lender was Parkwest Capital which held debt that had an original loan amount of $7.2 million. The property has 103,472 square feet of built space and 9,315 square feet of additional air rights for a total buildable of 112,920 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $74 and the price per buildable square foot is $68 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 March 5, 2024, for $10.3 million. The signatory for Chestnut Holdings of New York was Daniel Wiener . The signatory for JPMorgan Chase was Ursula Flores.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes David Schorr, head officer and Cesar Morales, agent. The business entity is 555 O Llc. The 103,472-square-foot property generated revenue of $1.7 million or $17 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 85 residential units in Flatbush has 103,472 square feet of built space and 9,315 square feet of additional air rights for a total buildable of 112,920 square feet according to a PincusCo analysis of city data. The parcel has frontage of 129 feet and is 210 feet deep with a total lot size of 28,230 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.4 million. The most recent loan totaled $7.2 million and was provided by KMR Equity Partners on March 5, 2024. The property has 84 rent regulated units according to city tax records from 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $2,500 in ECB penalties, 77 housing violations, and $4,975 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of nine of the 14 commercial properties representing 394,459 square feet of the 504,849 square feet. The largest owner is Camber Property Group, followed by Chestnut Holdings Of New York and then Malek Management.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 504,849 square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.

The borrower

The PincusCo database currently indicates that Chestnut Holdings of New York owned at least 150 commercial properties with 6,519 residential units in New York City with 6,442,663 square feet and a city-determined market value of $440.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 62 percent of the 6,442,663 square feet of built space are elevator properties, with walkup properties next occupying 38 percent of the space. The bulk, or 85 percent of the built space, is in Bronx, with Manhattan next at 8 percent of the space.

Correction: An earlier version of this post incorrectly identified the former lender as Cerebellum Capital. In fact the former lender was Parkwest Capital.

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