Benny Barmapov borrows $7.6M from Popular Bank for property in Chelsea

Benny Barmapov through the entity B&R Tenth Avenue LLC as borrower signed a loan agreement with lender Popular Bank valued at $7.6 million for 1 parcel, including the tax class two-story or store and office (K2) at 118 10th Avenue in Chelsea. The deal closed on May 4, 2020 and was recorded on May 12, 2020.
The property contains a total of 13,760 square feet of built space. The property has 51,754 square feet of available development rights.
The average loan per buildable square foot is $146.
Barmapov owns the fee, and leased the land under this and an adjacent parcel in 2017 to Real Estate Equities Corporation, as the ground lease tenant, for $21.1 million. in May 2019, REEC sold the leasehold to GDSNY, valued at $22.26 million. The last time an interest in the property sold was February 4, 2020, when REEC sold an additional unspecified interest for $7,766,375 to developer GDSNY, with Alan Rudikoff as signatory. Prior to this loan, Barmapov had not had debt on the property for at least several decades.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $180,070.There has been one new building permit application totaling 70,505 square feet. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link