Joel Schwartz borrows $25M from Levon Capital for office development in Bedford-Stuyvesant

Joel Schwartz through the entity 31 Spencer Street USA LLC as borrower signed a new construction loan agreement with lender Levon Capital through the entity Levon NY DCXX LLC valued at $25 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 31 Spencer Street in Bedford-Stuyvesant. The deal closed on June 26, 2020 and was recorded on July 7, 2020.

This total financing is $25 million composed of a $12.5 million building loan, a refinancing of $12 million and a $500,000 gap loan. The last time the property sold was June 6, 2019, for $10,500,000.

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. There was one renovation/alteration project (A2) applied for with a total estimated value of $20,000.There has been one new office building permit application totaling 45,728 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