Moses Karpen borrows $10.4M from Valley National Bank for newly built rental in Bedford-Stuyvesant

Moses Karpen through the entity 1555-1557 Fulton Development, LLC as borrower signed a loan agreement with lender Valley National Bank valued at $10.4 million for 1 parcel, including the tax class retail building with apartments above (K4) and containing 23 residential units at 1555 Fulton Street in Bedford-Stuyvesant. The deal closed on June 29, 2020 and was recorded on July 1, 2020.
The property contains a total of 16,080 square feet of built space.
The average loan per unit is $452,174.
The financing includes a $4 million gap loan. The last time the property sold was October 14, 2015, for $1,750,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 23 residential units on February 28, 2020.
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 were 2 renovation/alteration projects (A2) applied for with a total estimated value of $182,500.There has been one new building permit application totaling 16,146 square feet. Those plans include a total of 23 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link