Joel Jacob signs $21M refi with Bravo Capital for 54-unit rental in East Flatbush

Moshe Deutsch and Joel Jacob through the entity 1622 New York LLC as borrower signed a refi loan with lender Bravo Capital through the entity Bravo Capital LLC valued at $21 million for the 54-unit residential elevator building (D7) at 1620 New York Avenue in East Flatbush, Brooklyn.
The deal closed on January 13, 2026 and was recorded on January 22, 2026. The prior lender was Midland States Bank which held debt that had an original loan amount of $23 million.The property has 47,337 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $442 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 October 16, 2017, for $1.3 million. The signatory for Moshe Deutsch and Joel Jacob was Boruch Davidowitz. The signatory for Bravo Capital was Aaron Krawitz .

Prior sales, articles and revenue

The owner according to the Department of Housing Preservation and Development is Moshe Deutsch, head officer. The business entity is 1622 New York Llc. The 47,337-square-foot property generated revenue of $2 million or $42 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 54 residential units in East Flatbush has 47,337 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 102 feet deep with a total lot size of 12,300 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $9.9 million. The property has 22 rent regulated units according to city tax records from 2024.

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 seven housing violations and $150 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on January 11, 2022. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of eight of the 13 commercial properties representing 120,628 square feet of the 137,028 square feet. The largest owner is Joel Jacob, followed by David Spira and then Chaim Wurzberger.
On the tax block, there were three new building construction projects totaling 54,152 square feet. The largest is a 36-unit, 25,566 square-foot residential (R-2) building submitted by Brandon Benilevi and filed by Brandon Benilevi with plans filed June 26, 2019 and permitted January 7, 2022.

The majority, or 62 percent of the 137,028 square feet of built space are elevator buildings, with walkup buildings next occupying 36 percent of the space.

The borrower

The PincusCo database currently indicates that Moshe Deutsch owned at least 18 commercial properties with 162 residential units in New York City with 132,185 square feet and a city-determined market value of $20.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.
The PincusCo database currently indicates that Joel Jacob owned at least two commercial properties with 54 residential units in New York City with 55,374 square feet and a city-determined market value of $9.2 million. (Market value is typically about 50% of actual value.) The portfolio has $40.6 million in debt, with top three lenders as Bravo Capital, Spruce Capital, and Starwood Mortgage Capital respectively. Within the portfolio, the bulk, or 85 percent of the 55,374 square feet of built space are elevator properties, with retail properties next occupying 15 percent of the space. They are all located in Brooklyn.

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