Sadick Mann signs $7.7M refi with Chase for retail in Flatbush, East Flatbush

Sadick Mann through the entity 1921 Church LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $7.7 million for two properties including the retail building (K1) at 2828 Church Avenue in East Flatbush, and the mixed-use building (K4) at 1921 Church Avenue in Flatbush, Brooklyn.
The deal closed on April 15, 2025 and was recorded on June 18, 2025. The prior lender was Flagstar Bank which held debt that had an original loan amount of $7.7 million.The two properties have 18,335 square feet of built space and 27,573 square feet of additional air rights for a total buildable of 45,858 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $419 and the price per buildable square foot is $167 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 Sadick Mann was Sadick Mann. The signatory for JPMorgan Chase was Ursula Flores.

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 $1,380 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 East Flatbush, The bulk, or 32 percent of the 42.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, East Flatbush has 1.4 times the average sales volume among other neighborhoods with $378.7 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, East Flatbush has near average amount of major developments among other neighborhoods and is the 17th highest in Brooklyn. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block of 2828 Church Avenue, PincusCo has identified the owners of eight of the 31 commercial properties representing 163,683 square feet of the 255,587 square feet. The largest owner is Joseph Popack, followed by Mordechai Katz and then Saul Friedman.
On the tax block, there were four new building construction projects totaling 79,815 square feet. The largest is a 56-unit, 45,320 square-foot residential (R-2) building submitted by Walid Shehadeh and filed by Walid Shehadeh with plans filed October 12, 2022 and it has not been permitted yet. The second largest is a 16-unit, 16,863 square-foot residential (R-2) building submitted by Yanky Geldzahler with plans filed August 31, 2020 and permitted June 6, 2022.

The majority, or 41 percent of the 255,587 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

The borrower

The PincusCo database currently indicates that Sadick Mann owned at least seven commercial properties with nine residential units in New York City with 29,333 square feet and a city-determined market value of $9.8 million. (Market value is typically about 50% of actual value.) The portfolio has $18.3 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 50 percent of the 29,333 square feet of built space are mixed-use properties, with retail properties next occupying 50 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link