Armin Baratian borrows $19.5M from Investors Bank for new construction in Bedford-Stuyvesant

Armin Baratian through the entity Bedford Development USA, LLC as borrower signed a new construction loan agreement with lender Investors Bank valued at $19.5 million for 2 parcels at 1263 Bedford Avenue and 1259 Bedford Avenue in Bedford-Stuyvesant. The deal closed on July 31, 2020 and was recorded on August 24, 2020.

The financing includes a $14.1 million building loan and a $1.7 million project loan. The last time the property sold was January 16, 2019, for $1,650,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years. The demolition included 3 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Correction: An earlier version of this post missed a land loan totaling $3.686 million, which has now been added.