Samuel Shpelfogel borrows $19.9M from Citigroup for office property in Brighton Beach

Samuel Shpelfogel through the entity Neptune Group LLC as borrower signed a loan agreement with lender Citigroup valued at $19.9 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 350 Neptune Avenue in Brighton Beach. The deal closed on January 15, 2021 and was recorded on January 29, 2021.
The property contains a total of 66,869 square feet of built space.
The average loan per buildable square foot is $298.
The last time the property sold was December 6, 2012 for $1,947,703.
Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $672,580.

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