Joseph Heimann ups debt by $10.5M to $31.5M for property in Bedford-Stuyvesant

Joseph Heimann through the entity Dekalb Center LLC as borrower signed a loan agreement with lender Signature Bank valued at $31.5 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 500 Dekalb Avenue in Bedford-Stuyvesant. The deal closed on March 15, 2021 and was recorded on April 20, 2021.
The property contains a total of 56,112 square feet of built space.
The average loan per buildable square foot is $561.
This refinanced an original loan of $21 million from A10 Capital and adds a $10.5 million gap loan. The last time the property sold was December 13, 2018 for $23,250,000.
Over the past five years, there have been 8 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 $387,100.0. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $599,049.

Direct link to Acris document. link