Shlomo Karpen signs $14.5M refi for 36-unit rental in Greenwood Heights

Shlomo Karpen through the entity Eighteen Properties LLC as borrower signed a refi loan with lender Valley National Bank valued at $14.5 million for the 36-unit residential elevator building (D5) at 255 18th Street in Greenwood Heights, Brooklyn.
The deal closed on February 27, 2026 and was recorded on March 5, 2026. The prior lender was Popular Bank which held debt that had an original loan amount of $9.3 million.The property has 40,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $362 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 owner bought the property on September 28, 2017, for $1.5 million. The signatory for Shlomo Karpen was Shlomo Karpen. The signatory for Valley National Bank was Roger Rofe .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Shloma Karpen, head officer and Moses Karpen, lessee. The business entities are Eighteen Propertis Llc and Eighteen Properties Llc. The 40,000-square-foot property generated revenue of $1.4 million or $34 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 36 residential units in Greenwood Heights has 40,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,017 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.2 million. Valley National Bank on February 27, 2026 bought a loan with an original principal of $9.3M from Popular Bank signed by Candice Biscocho , secured by 255 18th Street, when owned by Shlomo Karpen .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $67,157 in ECB penalties, $73,127 in OATH penalties, and one housing litigation in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 18, 2013. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the 11 commercial properties representing 43,960 square feet of the 76,096 square feet. The largest owner is Shlomo Karpen, followed by Andy Pitsillos and then Aleksandr Finkelshteyn.
On the tax block, there were eight new building construction projects totaling 39,270 square feet. The largest is a four-unit, 7,663 square-foot residential (R-2) building submitted by Aleksandr Finkelshteyn and filed by Aleksandr Finkelshteyn with plans filed December 22, 2022 and permitted March 14, 2024. The second largest is a three-unit, 4,975 square-foot residential (R-2) building submitted by Domenica Catalano with plans filed July 18, 2025 and it has not been permitted yet.

The majority, or 62 percent of the 76,096 square feet of built space are walkup buildings, with retail buildings next occupying 18 percent of the space.

The borrower

The PincusCo database currently indicates that Shlomo Karpen owned at least 43 commercial properties with 574 residential units in New York City with 735,402 square feet and a city-determined market value of $111.3 million. (Market value is typically about 50% of actual value.) The portfolio has $396.7 million in debt, with top three lenders as Newmark, Popular Bank, and G4 Capital Partners respectively. Within the portfolio, the bulk, or 36 percent of the 735,402 square feet of built space are elevator properties, with industrial properties next occupying 27 percent of the space. The bulk, or 87 percent of the built space, is in Brooklyn, with Queens next at 13 percent of the space.

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