Benzion Tyberg, Naftali Tyberg sign $7.5M construction loan with Bank of Princeton in Borough Park

Benzion Tyberg and Naftali Tyberg through the entity 1427-49 LLC as borrower signed a new construction loan with lender Bank of Princeton valued at $7.5 million for the planned community facility project at 1427 49th Street in Borough Park, Brooklyn.
The deal closed on February 11, 2022 and was recorded on February 17, 2022. The prior lender was Jack Spitzer who held debt that had an original loan amount of $1.7 million.

The owner bought the property on September 30, 2020, for $2.7 million.
The signatory for Benzion Tyberg and Naftali Tyberg was Benzion Tyberg and Naftali Tyberg. The signatory for Bank of Princeton was Peggy Lane.
(B00515862) Plans for 17,632 square-foot community facility (A-3) were filed on May 5, 2021.
In Borough Park, the bulk, or 46 percent of the 48.6 million square feet of built space are 1-4 family buildings, with specialty buildings next occupying 15 percent of the space. In sales, Borough Park has had very little sales volume relative to other neighborhoods with $140.2 million in sales volume in the last two years. For development, Borough Park has 1.3 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Brooklyn. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 53 percent of the 313,923 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 26 percent of the space.

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