Jacob Schwimmer signs $130M refi with Goldman Sachs for 159-unit rental in Boerum Hill

Jacob Schwimmer through the entity 540 Atlantic Realty LLC as borrower signed a refi loan with lender Goldman Sachs through the entity Goldman Sachs Bank USA valued at $130 million for the 159-unit residential elevator building (D7) at 540 Atlantic Avenue in Boerum Hill, Brooklyn.
The deal closed on August 28, 2025 and was recorded on September 8, 2025. The prior lender was Valley National Bank which held debt that had an original loan amount of $63 million.The property has 157,265 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $826 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 November 29, 2023, for $38 million. The signatory for Jacob Schwimmer was Jacob Schwimmer. The signatory for Goldman Sachs was Kenneth Rosen.

Prior sales and revenue

The 157,265-square-foot property generated revenue of $6.9 million or $44 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 159 residential units in Boerum Hill has 157,265 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 180 feet deep with a total lot size of 28,357 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 $9.6 million.

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, $25,625 in ECB penalties, and $29,465 in OATH penalties in the last year.

Development

On the lot, there was a new building construction project, B00738723, for a 159-unit, 113,263 square-foot residential (R-2) building. The project was submitted by Sam Teitelbaum with plans filed May 17, 2022 and permitted June 4, 2024.

The block

On this tax block, PincusCo has identified the owners of eight of the 17 commercial properties representing 172,050 square feet of the 227,328 square feet. The largest owner is Jacob Schwimmer, followed by Sterling Town Equities and then Mark Schildkraut.
On the tax block, there were two new building construction projects totaling 81,386 square feet. The largest is a 62-unit, 80,138 square-foot residential (R-2) building submitted by Dvir Cohen Hoshen|Omri Sachs|Ron Vaskin and filed by Josh Zucker with plans filed May 15, 2017 and permitted June 26, 2018. The second largest is a six-unit, 1,248 square-foot residential (R-2) building submitted by Sam Teitelbaum with plans filed May 17, 2022 and permitted June 4, 2024.

The majority, or 34 percent of the 227,328 square feet of built space are office buildings, with elevator buildings next occupying 32 percent of the space.

The borrower

The PincusCo database currently indicates that Jacob Schwimmer owned at least 18 commercial properties with 1,499 residential units in New York City with 896,094 square feet and a city-determined market value of $143.9 million. (Market value is typically about 50% of actual value.) The portfolio has $952.5 million in debt, with top three lenders as MF1 Capital, Kennedy Wilson, and Valley National Bank respectively. Within the portfolio, the bulk, or 43 percent of the 896,094 square feet of built space are office properties, with elevator properties next occupying 40 percent of the space. The bulk, or 63 percent of the built space, is in Brooklyn, with Bronx next at 37 percent of the space.

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