Aron Karpen signs $17.1M construction loan for 75-unit project in Concourse
Aron Karpen through the entity 130 E 165 Holdings LLC as borrower signed a new construction loan with lender Bank of Princeton through the entity Bank Of Princeton valued at $17.1 million for the 75-unit project at 130 East 165th Street in Concourse, Bronx.
On the lot, there is one active new building construction project for a 75-unit, 40,812 square-foot R-2 building. The project was submitted by Jacob Kohn with plans filed August 30, 2022 and it has not been permitted yet.
The deal closed on January 19, 2024 and was recorded on February 23, 2024. The prior lender was Arnav Industries which held debt that had an original loan amount of $4 million.
The owner bought the property on March 23, 2023, for $3.4 million. The signatory for Aron Karpen was Aron Karpen. The signatory for Bank of Princeton was Peggy Lane.
The property
The parcel has frontage of 45 feet and is 180 feet deep with a total lot size of 7,746 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $201,000.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,100 in OATH penalties in the last year.
The neighborhood
In Concourse, The bulk, or 46 percent of the 13.4 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 16 percent of the space. In sales, Concourse has had very little sales volume relative to other neighborhoods with $86.8 million in sales volume in the last two years. For development, Concourse has had very little major development activity relative to other neighborhoods.It had 571,505 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of three of the eight commercial properties representing 79,722 square feet of the 238,935 square feet. The largest owner is Victor Fein, followed by Prana Investments and then Aron Karpen.
On the tax block, there was one new building construction project filed totaling 40,812 square feet. It is a 75-unit, 40,812 square-foot residential (R-2) building submitted by Jacob Kohn with plans filed August 30, 2022 and it has not been permitted yet.
The majority, or 53 percent of the 238,935 square feet of built space are elevator buildings, with specialty buildings next occupying 36 percent of the space.
The borrower
The PincusCo database currently indicates that Aron Karpen owned at least two commercial properties with 32 residential units in New York City with 21,990 square feet and a city-determined market value of $2.4 million. (Market value is typically about 50% of actual value.) The portfolio has $7.5 million in debt, borrowed from Greystone & Co.. Within the portfolio, the bulk, or 100 percent of the 21,990 square feet of built space are walkup properties, with industrial properties next occupying 0 percent of the space. They are all located in Brooklyn.
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