Simon Kaufman borrows $21M from City National Bank for new multifamily property in Bedford-Stuyvesant

Simon Kaufman through the entity 410 Tompkins Residence LLC as borrower signed a loan agreement with lender City National Bank valued at $21.0 million for 1 parcel, including the tax class multifamily, miscellaneous (D9) and containing 35 residential units at 410 Tompkins Avenue in Bedford-Stuyvesant. The deal closed on November 20, 2019 and was recorded on December 4, 2019.
The property contains a total of 23,975 square feet of built space.
The average loan per unit is $600,000.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 35 residential (or hotel) units on August 5, 2019.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 30,190 square feet. Those plans include a total of 35 residential or hotel units. There have been 2 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link