Shlomo Karpen signs $15M refi loan with Kearny Bank for residential elevator building in Bed Stuy
Shlomo Karpen through the entity Greene Development LLC as borrower signed a refi loan with lender Kearny Bank valued at $15 million for the 39-unit residential elevator building at 1038 Greene Avenue in Bed Stuy, Brooklyn.
The deal closed on January 27, 2022 and was recorded on February 10, 2022. The prior lender was Kearny Bank which held debt that had an original loan amount of $13.8 million.
The property has 30,125 square feet of built space and 1,840 square feet of additional air rights for a total buildable of 32,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $497 and the price per buildable square foot is $468 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 August 14, 2014, for $10.7 million.
The signatory for Shlomo Karpen was Shlomo Karpen.
The 30,125-square-foot property generated revenue of $1.1 million or $35 per square foot, according to the most recent income and expense figures.
(320984404)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 39 residential units on January 19, 2017. (320984404) Plans for a 39-unit, 27,727 square-foot R-2 were filed on October 2, 2014 and were permitted on June 3, 2015.
In Bed Stuy, the bulk, or 38 percent of the 92.5 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, Bed Stuy has 1.5 times the average sales volume among other neighborhoods with $417.3 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Bed Stuy is the 8th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 36 percent of the 270,375 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 14 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Shlomo Kerpen, head officer and Abraham Karpen, agent. The business entities are Greene Development Llc and Greene Development Llc.
Within a 400-foot radius of 1038 Greene Avenue, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, two were in new building development. There were two new building permits. The most recent of these two items was a permit on December 29, 2020 for a 21,143-square-foot R-2 building with 29 residential units at 853 Lexington Avenue.
Of those 11 items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on September 28, 2020 for the $251,400 renovation of 3,828-square-foot M building with two residential units at 891 Lexington Ave..
Of those 11 items, eight were loans above $5 million totaling $170.8 million. The most recent of the eight was Shlomo Karpen which borrowed $25 million from Kearny Bank secured by the 61,979-square-foot, 65-unit rental (D3) on 1003 Greene Avenue on February 7, 2022.
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