Jemal family’s JJ Operating signs $185M refi with Apollo for Chelsea

JJ Operating through the entity Chelsea 23rd Realty LLC as borrower signed a refi loan with lender Apollo Global Management through the entity Athene Annuity and Life Company valued at $185 million for the four commercial condominium units that comprise the newly built 278 Eighth Avenue in Chelsea, Manhattan.

JJ Operating built a 190-unit, 166,285-square-foot residential (R-2) building on the site under job number M00499952.
The loan closed on April 11, 2025 and was recorded on April 17, 2025. The prior lender was Cain International which held debt that had an original loan amount of $135 million.  The price per foot was $1,112 per foot.
The signatory for JJ Operating was Samuel J. Jemal . The signatory for Apollo Global Management was Jeffrey Horowitz .

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 278 8th Avenue.

The block

On the tax block of 278 8th Avenue, PincusCo has identified the owners of nine of the 17 commercial properties representing 203,802 square feet of the 417,562 square feet. The largest owner is Jj Operating, followed by Danny Mashal and then Breaking Ground.
On the tax block, there was one new building construction project. It was this 190-unit residential (R-2) building submitted by JJ Operating and filed by William Jemal with plans filed July 8, 2021 and permitted March 21, 2022.

The majority, or 58 percent of the 417,562 square feet of built space are elevator buildings, with retail buildings next occupying 13 percent of the space.

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