Jackson Group signs $8M refi with Chase for retail in Bushwick

Jackson Group through the entity 775 Broadway Acquisition LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $8 million for two properties including the retail building (K2) at 777 Broadway at the corner of Sumner Place in Bushwick, Brooklyn and the adjacent building (O5) at 781 Broadway.
The deal closed on March 25, 2026 and was recorded on March 30, 2026. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $7.8 million.The two properties have 35,145 square feet of built space and 1,250 square feet of additional air rights for a total buildable of 36,450 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $227 and the price per buildable square foot is $219 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 signatory for Jackson Group was Gabriel Chehebar . The signatory for JPMorgan Chase was Jennifer Smith .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 777 Broadway.

Prior sales, articles and revenue

The two properties with a total of 35,145 square feet of built space generated revenue of $2.1 million per year or $60 per square foot.

The property

The retail building in Bushwick has 35,145 square feet of built space and 1,250 square feet of additional air rights for a total buildable of 36,450 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 150 feet deep with a total lot size of 12,500 square feet. The lot is irregular. The zoning is C4-3 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 $10.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $650 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 neighborhood

In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 1.6 times the average sales volume among other neighborhoods with $540.9 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Bushwick has had very little major development activity relative to other neighborhoods.It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block of 777 Broadway, PincusCo has identified the owners of five of the 13 commercial properties representing 70,030 square feet of the 201,678 square feet. The largest owner is Nikul Patel, followed by Dov Lebovits and then Gabriel Eisen.
There are no active new building construction projects on this tax block.

The majority, or 26 percent of the 201,678 square feet of built space are retail buildings, with hotel buildings next occupying 23 percent of the space.

The borrower

The PincusCo database currently indicates that Jackson Group owned at least 10 commercial properties with 33 residential units in New York City with 352,464 square feet and a city-determined market value of $102.9 million. (Market value is typically about 50% of actual value.) The portfolio has $43.5 million in debt, with top three lenders as Signature Bank, Israel Discount Bank, and Safra National Bank respectively. Within the portfolio, the bulk, or 38 percent of the 352,464 square feet of built space are mixed-use properties, with retail properties next occupying 28 percent of the space. The bulk, or 41 percent of the built space, is in Brooklyn, with Manhattan next at 36 percent of the space.

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