Highpoint Property borrows $16M from Bank Leumi for multifamily property in Cobble Hill

Drew Popkin’s Highpoint Property Group through the entity 88-92 Atlantic Avenue Property Owner LLC as borrower signed a loan agreement with lender Bank Leumi valued at $16 million for 3 parcels, including the tax class multifamily, over six families without stores (C1) and containing 30 residential units at 86 Atlantic Avenue, 90 Atlantic Avenue, 92 Atlantic Avenue in Cobble Hill. The deal closed on July 29, 2020 and was recorded on August 3, 2020.

The average loan per unit is $533,333.
The last time the property sold was November 9, 2018, for $16,050,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for at least one of the buildings with 8 residential units on March 29, 2016.
Over the past five years, there have been 3 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 $235,400. Those filings sought to increase the number of residential units by 2 to 8 There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $360,219.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link