Solomon Schwimmer obtained financing of $34M from Valley National Bank

Solomon Schwimmer through the entity Lexington Heights LLC as borrower signed a loan agreement with lender Valley National Bank valued at $34.0 million for 1 parcel, including the tax class miscellaneous institutional (I9) and containing 63 residential units at 822 Lexington Avenue in Bedford-Stuyvesant. The deal closed on July 26, 2019 and was recorded on August 07, 2019.
The property contains a total of 99,264 square feet of built space. The property has 45,000 square feet of available development rights.
The average loan per unit is $539,683.
The last time the property sold was November 16, 2017, for $9,800,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 63 residential (or hotel) units on July 17, 2019.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel.There has been one new building permit application totaling 44,185 square feet. Those plans include a total of 63 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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