Shulem Herman borrows $10M from Sterling National Bank for multifamily property in Bedford-Stuyvesant

Shulem Herman through the entity Fulton Terrace Group LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $9.5 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 23 residential units at 1516 Fulton Street in Bedford-Stuyvesant. The deal closed on March 24, 2020 and was recorded on March 31, 2020.
The property contains a total of 20,685 square feet of built space.
The average loan per unit is $413,043.
The last time the property sold was March 11, 2015, for $2,400,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $3,770,000. Those filings sought to increase the number of residential units by 19 to 23
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link