Leopold Friedman borrows $14.7M from Valley National Bank to buyer nursing home in University Heights

Leopold Friedman through the entity Riverdale Real Estate Acquisition, LLC as borrower signed a loan agreement with lender Valley National Bank’s VNB New York, LLC valued at $14.7 million for 1 parcel, including the tax class nursing home (I6) at 641 Fairfield Avenue in University Heights. The deal closed on September 1, 2020 and was recorded on September 8, 2020.
The property contains a total of 35,462 square feet of built space. The property has 79,245 square feet of available development rights.
The average loan per buildable square foot is $186.
This is an acquisition loan for Friedman’s purchase of the nursing home. The financing included $10.5 million in new debt.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $557,320.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link