Jack Terzi Seals 12K-SF Cannabis Dispensary Lease, Refi for Greenpoint Building

There is plenty of Christmas cheer this year for Jack Terzi’s JTRE Holdings.

The real estate investment firm has inked a new 10-year lease for 12,000 square feet from cannabis dispensary Altitude NY at JTRE’s Greenpoint Savings Bank building at 807 Manhattan Avenue in Brooklyn, Commercial Observer has learned.

The lease was closed simultaneously with a $6.5 million refinance loan from Dime Community Bank to resolve an attempted foreclosure dispute  regarding the property, sources familiar with the deal told CO. The fresh capital enabled JTRE to repay Turret Equities, which had acquired outstanding debt on the Greenpoint, Brooklyn, property in 2021, according to sources. 

The refi and lease ends a lengthy legal saga for the 79,379-square-foot landmarked building, which two years ago was faced with foreclosure proceedings over debt owed on the property,  The Real Deal reported at the time. 

JTRE acquired the 1906-built building in 2018 for roughly $10 million and landed a $7.2 million loan from Nassau Educators Federal Credit Union (NEFCU), TRD previously reported. NEFCU, which rebranded to Jovia Financial Credit Union in 2019, sold the loan to Turret after the property lost its lone tenant, Capital One bank, during the height of the COVID-19 pandemic. 

Terzi, Turret Equities and Jovia did not immediately return requests for comment. Dime Community Bank declined to comment. 

Andrew Coen can be reached at acoen@commercialobserver.com.