MJ Orbach Associates signs $28.5M refi for retail in Clinton Hill

MJ Orbach Associates through the entity Of 484 LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $28.5 million for seven retail properties including the retail condo at 524 Myrtle Avenue in Clinton Hill, Brooklyn, retail condo at 490 Myrtle Avenue in Clinton Hill, Brooklyn, and retail condo at 504 Myrtle Avenue in Clinton Hill, Brooklyn.
The deal closed on February 13, 2026 and was recorded on February 19, 2026. The prior lender was Israel Discount Bank which held debt that had an original loan amount of $24 million. The seven properties have 73,488 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $387 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 MJ Orbach Associates was Michael Orbach . The signatory for Citibank was Ana Rosu Marmann .

The property

The retail condo in Clinton Hill has 73,488 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 20,625 square feet. The city-designated market value for the property in 2022 is $4.2 million. Citibank on February 13, 2026 acquired the prior loan with an original principal of $24 million from Israel Discount Bank signed by Daniel Miller.

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 not received any significant violations in the last year.

Development

For the tax lot buildings, two out of the seven buildings received a initial certificate of occupancy in the last ten years. 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 Clinton Hill, The bulk, or 34 percent of the 10.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Clinton Hill has 1.2 times the average sales volume among other neighborhoods with $385.6 million in sales volume in the last two years and is the 18th highest in Brooklyn. For development, Clinton Hill has had very little major development activity relative to other neighborhoods.It had 324,124 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 524 Myrtle Avenue, PincusCo has identified the owner of the one commercial property that spans that spans 402,660 square feet on the block.The identified owner is Pratt Institute.
There are no active new building construction projects on this tax block.

All properties are elevator.

The borrower

The PincusCo database currently indicates that Mj Orbach Associates owned at least four commercial properties with 136 residential units in New York City with 304,216 square feet and a city-determined market value of $41.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 51 percent of the 304,216 square feet of built space are office properties, with elevator properties next occupying 44 percent of the space. The bulk, or 51 percent of the built space, is in Manhattan, with Brooklyn next at 49 percent of the space.

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