Leopold Kaufman signs $31.1M construction loan with Popular Bank for 101-unit development in East Harlem
Leopold Kaufman through the entity Third Ave Ny Realty LLC as borrower signed a new construction loan with lender Popular Bank valued at $31.1 million for the development site at 1984-1990 Third Avenue in East Harlem, Manhattan.
On the lot, there is one active new building construction project for a 101-unit, 76,790 square-foot R-2 building. The project was developed by Joe Nebenzahl with plans filed June 24, 2021.
The deal closed on December 16, 2022 and was recorded on January 3, 2023. The prior lender was Popular Bank which held debt that had an original loan amount of $6.8 million.
The owner bought the property on December 16, 2022, for $13.5 million. The signatory for Leopold Kaufman was Leopold Kaufman.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $9,900 in ECB penalties and $7,500 in OATH penalties in the last year.
The block
On this tax block, PincusCo has identified the owners of eight of the 21 commercial properties representing 379,472 square feet of the 457,139 square feet. The largest owner is Vincent Garrow, followed by New York City Housing Authority and then L+M Development Partners.
On the tax block, there was one new building construction project filed totaling 76,790 square feet. It is a 101-unit, 76,790-square-foot R-2 building developed by Joe Nebenzahl with plans filed June 24, 2021 and permitted June 1, 2022.
The majority, or 77 percent of the 457,139 square feet of built space are elevator buildings, with walkup buildings next occupying 13 percent of the space.
The borrower
The PincusCo database currently indicates that Leopold Kaufman owned at least 53 commercial properties in New York City with 324,745 square feet and a city-determined market value of $56.8 million. (Market value is typically about 50% of actual value.) The portfolio has $107.6 million in debt, with top three lenders as Popular Bank, New York Community Bank, and Amalgamated Bank respectively. Within the portfolio, the bulk, or 79 percent of the 324,745 square feet of built space are walkup properties, with elevator properties next occupying 10 percent of the space. The bulk, or 94 percent of the built space, is in Brooklyn, with Queens next at 6 percent of the space.
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