Leopold Kaufman obtained financing of $10M from Popular Bank

Leopold Kaufman through the entity Cedar Residence LLC as borrower signed a loan agreement with lender Popular Bank valued at $10.3 million for 1 parcel, including the tax class three-family (C0) and containing 25 residential units at 17 Cedar Street in Bushwick. The deal closed on July 30, 2019 and was recorded on August 14, 2019.
The property contains a total of 20,857 square feet of built space.
The average loan per unit is $410,000.
The last time the property sold was November 18, 2014, for $1,920,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 25 residential (or hotel) units on January 17, 2019.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 17,871 square feet. Those plans include a total of 25 residential or hotel units. There have been 4 demolition projects filed over the past five years. The demolition included 6 residential units.
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