Joyland Group, Allan Lebovits sign $190M refi with Corebridge in Williamsburg

Joyland Group and Allan Lebovits through the entity 555 Broadway LLC as borrower signed a refi loan with lender Corebridge Financial and Blackstone Group through the entity American General Life Insurance Company valued at $190 million for two residential elevator properties with 336 residential units including the 270-unit residential elevator building (D6) at 275 Lorimer Street and the 66-unit residential elevator building (D6) at 251-257 Lorimer Street in Williamsburg, Brooklyn.
The deal closed on November 7, 2025 and was recorded on November 18, 2025. The prior lenders were Keystone Equities and TPG Real Estate Partners which held debt that had an original loan amount of $181.5 million. The two properties have 436,449 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $435 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 Allan Lebovits and Joyland Group was Allan Lebovits, Joel Wertzberger , and Judy Minster . The signatory for Corebridge Financial and Blackstone Group was Kevin Pivnick .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Judy Minster, head officer and Abraham Pollack, site manager. The business entity is 555 Broadway Llc.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,000 in OATH penalties in the last year.

Development

On these lots, there was one active new building construction project, B00665500, for a 274-unit, 203,489 square-foot residentia (R-2) building. The project was submitted by Hamilton Eastman and filed by Jack Wolcowitz with plans filed January 25, 2022 and permitted February 16, 2024.

The block

On the tax block of 275 Lorimer Street, PincusCo has identified the owners of two of the two commercial properties representing 52,648 square feet of the 52,648 square feet. The two identified owners are Jacob Fulop and Loketch Group.
On the tax block, there were two new building construction projects totaling 487,220 square feet. The largest is a 226-unit, 283,731 square-foot residential (R-2) building submitted by Blesso Properties and filed by Jason Buchheit with plans filed November 22, 2016 and it has not been permitted yet. The second largest is a 274-unit, 203,489 square-foot residential (R-2) building submitted by Hamilton Eastman and filed by Jack Wolcowitz with plans filed January 25, 2022 and permitted February 16, 2024.

The majority, or 100 percent of the 52,648 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Joyland Group owned at least 10 commercial properties with 604 residential units in New York City with 161,697 square feet and a city-determined market value of $7.5 million. (Market value is typically about 50% of actual value.) The portfolio has $262.3 million in debt, with top three lenders as Citibank, iCross Capital, and Webster Bank respectively. Within the portfolio, the bulk, or 42 percent of the 161,697 square feet of built space are D6 properties, with O3 properties next occupying 40 percent of the space. The bulk, or 54 percent of the built space, is in Brooklyn, with Bronx next at 46 percent of the space.
The PincusCo database currently indicates that Allan Lebovits owned at least two commercial properties in New York City with 29,841 square feet and a city-determined market value of $5.6 million. (Market value is typically about 50% of actual value.) The portfolio has $23.6 million in debt, borrowed from iCross Capital and Citibank. Within the portfolio, the bulk, or 87 percent of the 29,841 square feet of built space are retail properties, with V0 properties next occupying 13 percent of the space. They are all located in Brooklyn.

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