Shlomo Karpen borrows $21M from Israel Discount Bank for property in Bedford-Stuyvesant

Shlomo Karpen through the entity Tompkins 420 Realty LLC as borrower signed a loan agreement with lender Israel Discount Bank of New York valued at $21.0 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 44 residential units at 420 Tompkins Avenue in Bedford-Stuyvesant. The deal closed on September 13, 2019 and was recorded on October 4, 2019.
The property contains a total of 40,723 square feet of built space.
The average loan per unit is $477,273.
Banco Popular assigned the construction and acquisition loan valued at $12.7 million and Karpen obtained addition debt of $8.3 million for a total of $21 million. The last time the property sold was August 23, 2017, for $8,750,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 44 residential (or hotel) units on September 3, 2019.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $20,000.There has been one new building permit application totaling 29,600 square feet. Those plans include a total of 44 residential or hotel units. There have been 2 demolition projects filed over the past five years. The demolition included 3 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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