Jacob Schwimmer signs $55.3M refi with Goldman for new 100-unit rental in Crown Heights

Jacob Schwimmer through the entity 721 Lincoln Place Tenant LLC as borrower signed a refi loan with lender Goldman Sachs through the entity Goldman Sachs Bank USA valued at $55.3 million for the newly constructed, 100-unit building at 721 Lincoln Place in Crown Heights, Brooklyn.

On the lot, there was a new building construction project, B00655818, for a 100-unit, 68,379 square-foot residential (R-2) building. The project was submitted by Pinchus Blum with plans filed February 7, 2022. In January 2025, Jacob Schwimmer of JCS Realty Group took over the project with a ground lease with the fee owner, the Evangelical Lutheran Church, and the project was permitted September 2, 2025.
The loan closed on June 5, 2026 and was recorded on June 18, 2026. The prior lender was Valley National Bank which held debt that had an original construction loan amount of $33 million. The loan price per built square foot is $809 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 Jacob Schwimmer was Jacob Schwimmer. The signatory for Goldman Sachs was Kenneth T. Rosen .

The property

Goldman Sachs on June 5, 2026 bought a loan with an original principal of $33 million from Valley National Bank signed by Jeffrey Puchin , secured by 737 Lincoln Place, when owned by Jacob Schwimmer .

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 three DOB violations, $38,120 in ECB penalties, and $44,335 in OATH penalties in the last year.

The neighborhood

In Crown Heights, The bulk, or 39 percent of the 46.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has 2.6 times the average sales volume among other neighborhoods with $918.9 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Crown Heights has 1.5 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There were 125 pre-foreclosure suit filed among other specialty buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 24 of the 40 commercial properties representing 197,078 square feet of the 275,730 square feet. The largest owner is Parkoff Organization , followed by Yossel Lichtman and then Joseph Kaufman.
On the tax block, there was one new building construction project filed totaling 64,673 square feet, which is the subject property at 721 Lincoln Place.

The majority, or 54 percent of the 275,730 square feet of built space are walkup buildings, with elevator buildings next occupying 25 percent of the space.

The borrower

The PincusCo database currently indicates that Jacob Schwimmer owned at least 19 commercial properties with 2,575 residential units in New York City with 1,910,822 square feet and a PincusCo-determined asset value of $1.3 billion. The portfolio has $1.1 billion in debt, with top three lenders as MF1 Capital , Valley National Bank, and Kennedy Wilson respectively. Within the portfolio, the bulk, or 72 percent of the 1,910,822 square feet of built space are elevator properties, with office properties next occupying 20 percent of the space. The bulk, or 53 percent of the built space, is in Manhattan, with Brooklyn next at 29 percent of the space.

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