JJ Operating signs $19.8M refi loan with TriState Capital for retail in Longwood

JJ Operating through the entity 149th Street Realty Associates, L.P. as borrower signed a refi loan with lender Tristate Capital Bank valued at $19.8 million for the mixed-use retail building (K4) at 2850 3rd Avenue in Longwood, Bronx.
The deal closed on September 30, 2025 and was recorded on October 16, 2025. The prior lender was Blackstone Group which held debt that had an original loan amount of $20 million.The property has 177,094 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $111 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 JJ Operating was Samuel J. Jemal . The signatory for TriState Capital Bank was Paul Verdi .

Prior sales and revenue

The 177,094-square-foot property generated revenue of $5.5 million or $31 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Longwood has 177,094 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 171 feet and is 233 feet deep with a total lot size of 39,400 square feet. The lot is irregular. The zoning is C4-4 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $34.1 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 $17,159 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 Longwood, The bulk, or 44 percent of the 22.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Longwood has had very little sales volume relative to other neighborhoods with $85.2 million in sales volume in the last two years. For development, Longwood has 2.5 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Bronx. It had 3.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 274,070 square feet. It is a 215-unit, 274,070 square-foot residential (R-2) building submitted by Hudson Companies and filed by Sally Gilliland with plans filed June 30, 2015 and permitted January 12, 2018.

The majority, or 100 percent of the 177,094 square feet of built space are mixed-use buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that JJ Operating owned at least five commercial properties with 196 residential units in New York City with 645,509 square feet and a city-determined market value of $146.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 48 percent of the 645,509 square feet of built space are office properties, with retail properties next occupying 47 percent of the space. The bulk, or 53 percent of the built space, is in Brooklyn, with Bronx next at 41 percent of the space.

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