Shimmie Horn’s Triumph Hotels obtained financing of $9M from POPULAR BANK

Shimmie Horn’s Triumph Hotels through the entity 599 RALPH AVENUE DEVELOPMENT LLC as borrower signed a loan agreement with lender POPULAR BANK valued at $8.5 million for 1 parcel, including the tax class miscellaneous (N9) at 599 Ralph Avenue in Ocean Hill. The deal closed on July 10, 2019 and was recorded on July 18, 2019.
The property contains a total of 52,100 square feet of built space.
The average loan per buildable square foot is $163.
The last time the property sold was June 15, 2004, for $3,050,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $108,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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