Jacob Schwimmer’s JCS Realty Group signs $33M construction loan for 100-unit rental in Crown Heights

Jacob Schwimmer’s JCS Realty Group through the entity 721 Lincoln Place Tenant LLC as borrower signed a new construction loan with lender Valley National Bank valued at $33 million for the specialty building (M9) at 721 Lincoln Place in Crown Heights, Brooklyn.

On the lot, there is one active new building construction project, B00655818, for a 100-unit, 64,673 square-foot residential (R-2) building. The project was submitted by Pinchus Blum and filed by Pinchus Blum with plans filed February 7, 2022 and permitted September 2, 2025.
The deal closed on September 16, 2025 and was recorded on September 30, 2025. The property has 10,776 square feet of built space and 54,041 square feet of additional air rights for a total buildable of 64,720 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $510 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 JCS Realty Group was Jacob Schwimmer .

JCS Realty controls the property through a 99-year ground lease with the Evangelical Lutheran Church.

The property

The specialty building in Crown Heights has 10,776 square feet of built space and 54,041 square feet of additional air rights for a total buildable of 64,720 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 90 feet deep with a total lot size of 32,360 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.9 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 $40,000 in ECB penalties and $41,940 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 2.5 times the average sales volume among other neighborhoods with $726.1 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Crown Heights has near average amount of major developments among other neighborhoods and is the 12th highest in Brooklyn. It had 1.3 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. There was one 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. It is a 90-unit, 64,673 square-foot residential (R-2) building submitted by Pinchus Blum and filed by Pinchus Blum with plans filed February 7, 2022 and permitted May 17, 2022.

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.

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