Moses Karpen signs $7M refi with Bank of Princeton for dev site in Bedford Stuyvesant

Moses Karpen through the entity 80 Vernon Gardens LLC as borrower signed a refi loan with lender Bank of Princeton through the entity The Bank Of Princeton valued at $7 million for a development site at 80-82 Vernon Avenue in Bedford Stuyvesant, Brooklyn.

On these lots, there is one active new building construction project, B01179777, for a eight-unit, 4,935 square-foot R-2 building. The project was submitted by Waterfront Property Management and filed by Moses Karpen with plans filed February 19, 2025 and permitted November 21, 2025.
The deal closed on January 28, 2026 and was recorded on February 2, 2026. The prior lender was Levon Capital which held debt that had an original loan amount of $2.7 million.The two properties have 7,760 square feet of built space and 7,240 square feet of additional air rights for a total buildable of 15,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $898 and the price per buildable square foot is $465 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Moses Karpen was Moses Karpen.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 80 Vernon Avenue.

Prior sales, articles and revenue

Out of the two properties, one with a total of 7,760 square feet of built space generated revenue of $103,897 per year.

The property

The mixed-use building with 1 residential units in Bedford Stuyvesant has 7,760 square feet of built space and 7,240 square feet of additional air rights for a total buildable of 15,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 30 feet and is 100 feet deep with a total lot size of 3,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $533,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation, $13,530 in ECB penalties, and $13,830 in OATH penalties in the last year.

The neighborhood

In Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 10th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 1.9 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There were four pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 80 Vernon Avenue, PincusCo has identified the owners of eight of the 10 commercial properties representing 190,275 square feet of the 214,720 square feet. The largest owner is City Of New York, followed by Tadeo Silva and then Felicia Colon.
On the tax block, there were two new building construction projects totaling 12,124 square feet. The largest is a eight-unit, 7,189 square-foot residential (R-2) building submitted by Strulowitz Moshe with plans filed December 2, 2014 and permitted August 3, 2016. The second largest is a eight-unit, 4,935 square-foot residential (R-2) building submitted by Waterfront Property Management and filed by Moses Karpen with plans filed February 19, 2025 and permitted November 21, 2025.

The majority, or 66 percent of the 214,720 square feet of built space are specialty buildings, with walkup buildings next occupying 21 percent of the space.

The borrower

The PincusCo database currently indicates that Moses Karpen owned at least 33 commercial properties with 298 residential units in New York City with 238,087 square feet and a city-determined market value of $48.1 million. (Market value is typically about 50% of actual value.) The portfolio has $110.3 million in debt, with top three lenders as Parke Bank, Valley National Bank, and Arbor Realty Trust respectively. Within the portfolio, the bulk, or 56 percent of the 238,087 square feet of built space are walkup properties, with elevator properties next occupying 29 percent of the space. The bulk, or 98 percent of the built space, is in Brooklyn, with Queens next at 2 percent of the space.

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