Unicorn Properties Group signs $13.3M refi with Chase for rentals in Bedford Stuyvesant

The Bakhour family’s Unicorn Properties Group through the entity One Degraw LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $13.3 million for two properties with 35 residential units including the 27-unit residential elevator building (D1) at 388 Vernon Avenue in Bedford Stuyvesant, Brooklyn and eight-unit residential walkup building (C1) at 825 Willoughby Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on July 17, 2025 and was recorded on August 19, 2025. The prior lender was Popular Bank which held debt that had an original loan amount of $10.3 million.The two properties have 36,541 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $363 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 JPMorgan Chase was Jessica Javier .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 388 Vernon Avenue.

Prior sales and revenue

The business entity is One Degraw Llc. The two properties with a total of 36,541 square feet of built space generated revenue of $1.2 million per year or $33 per square foot.

The property

The residential elevator building with 27 residential units in Bedford Stuyvesant has 36,541 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 93 feet and is 100 feet deep with a total lot size of 9,375 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.3 million. The most recent loan totaled $10.3 million and was provided by Popular Bank on May 4, 2023.

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

For the tax lot buildings, two out of the two 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 block

On the tax block of 388 Vernon Avenue, PincusCo has identified the owners of 11 of the 13 commercial properties representing 97,026 square feet of the 103,451 square feet. The largest owner is Northeast Brooklyn Housing Development Corporation, followed by Shahram Mobasser.
On the tax block, there was one new building construction project filed totaling 16,977 square feet. It is a 13-unit, 16,977 square-foot residential (R-2) building submitted by Yitzchok Schwartz and filed by Yitzchok Schwartz with plans filed July 22, 2024 and permitted December 19, 2024.

The majority, or 67 percent of the 103,451 square feet of built space are elevator buildings, with walkup buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Unicorn Properties Group owned at least one commercial property with three residential units in New York City with 3,900 square feet and a city-determined market value of $2.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single C0 property. It is located in Brooklyn.

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