Simon Kaufman borrows $10M from Bank Leumi for property in Greenpoint

Simon Kaufman through the entity 56 Box LLC as borrower signed a loan agreement with lender Bank Leumi USA valued at $10 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 20 residential units at 56 Box Street in Greenpoint. The deal closed on March 17, 2020 and was recorded on April 21, 2020.
The property contains a total of 13,498 square feet of built space. The property has 14,781 square feet of available development rights.
The average loan per unit is $500,000.
The last time the property sold was September 11, 2013, for $2,485,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 20 residential (or hotel) units on August 7, 2017.
Over the past five years, there have been 2 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 $50,000.There has been one new building permit application totaling 13,491 square feet. Those plans include a total of 16 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link