Mendel Chazanow’s Diamond National Investments signs contract with Chehebars for Gravesend dev site

UPDATED 12:30 p.m., August 13, 2025: Diamond National Investments through the entity Crystal Residences LLC as buyers signed a contract with the Chehebar family’s Jackson Group through the entity Jackson 2064 McDonald LLC for the retail building (K2) at 2074 McDonald Avenue and the adjacent school building (W2) at 333 Avenue S in Gravesend, Brooklyn. The expected use is ground up development.
The memorandum of contract was signed on July 21, 2025 and was recorded on August 12, 2025. The two properties have 26,152 square feet of built space and 99,664 square feet of additional air rights for a total buildable of 125,920 square feet according to a PincusCo analysis of city data.

The sale has not closed.

The sale price was not disclosed.
The signatory for Jackson Group was Gabriel Chehebar . The signatory for Diamond National Investments was Menachem Mendel Chazanow .

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Diamond National Investments purchased one property in one transaction for a total of $4 million and has no record it sold any properties over the past 24 months.
The seller Jackson Group purchased 12 properties in eight transactions for a total of $147.7 million and sold four properties in four transactions for a total of $21.9 million over the same time period. Out of the two properties, one with a total of 26,152 square feet of built space generated revenue of $506,402 per year.

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 $100 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 Gravesend, The bulk, or 40 percent of the 19.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Gravesend has near average sales volume among other neighborhoods with $307.8 million in sales volume in the last two years and is the 22nd highest in Brooklyn. For development, Gravesend has had very little major development activity relative to other neighborhoods.It had 517,437 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.

The block

On the tax block of 2074 Mcdonald Avenue, PincusCo has identified the owners of four of the 11 commercial properties representing 43,935 square feet of the 102,091 square feet. The largest owner is Jack Israel, followed by Joseph Shrem and then Owen D. Wolff.
There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 102,091 square feet of built space are industrial buildings, with retail buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Jackson Group owned at least seven commercial properties with 33 residential units in New York City with 227,546 square feet and a city-determined market value of $64.6 million. (Market value is typically about 50% of actual value.) The portfolio has $27.8 million in debt, borrowed from Signature Bank and Safra National Bank. Within the portfolio, the bulk, or 44 percent of the 227,546 square feet of built space are retail properties, with mixed-use properties next occupying 38 percent of the space. The bulk, or 44 percent of the built space, is in Brooklyn, with Queens next at 35 percent of the space.

The buyer

The PincusCo database currently indicates that Diamond National Investments owned at least eight commercial properties with one residential unit in New York City with 1,024 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio has $122.5 million in debt, borrowed from Popular Bank. Within the portfolio, the bulk, or 100 percent of the 1,024 square feet of built space are A9 properties, with development properties next occupying 0 percent of the space. They are all located in Bronx.

Correction: A prior version of this post in the headline incorrectly identified the neighborhood as Glendale, when in fact it’s Gravesend. The post was also clarified to note that as of publication this transaction was only in contract and had not closed. The closing date was not specified in the memorandum of contract.

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