Ran David borrows $6M from Northfield Bank for new multifamily property in Bedford-Stuyvesant

Ran David through the entity 625 Halsey LLC as borrower signed a loan agreement with lender Northfield Bank valued at $6.0 million for 2 parcels, including the tax class multifamily, over six families without stores (C1) and containing 20 residential units at 625A Halsey Street, 625 Halsey Street in Bedford-Stuyvesant. The deal closed on June 17, 2020 and was recorded on June 23, 2020.

The average loan per unit is $300,000.
The last time the property sold was January 16, 2018, for $2,750,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 10 residential units on March 26, 2020.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 7,404 square feet. Those plans include a total of 10 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link