Toorak buys $13M in debt from Bullpath Capital secured by five projects

Toorak Capital Partners bought $13 million in debt from lender Bullpath Capital that was secured by five separate projects with five separate owners.

In the first, Toorak Capital Partners, LLC bought the debt valued at $3.25 million for 1 parcel, including the tax class two-family, miscellaneous (city type, old, etc.) (B9) and containing 2 residential units at 89 South 4th Street in Williamsburg. The deal closed on December 29, 2020 and was recorded on January 21, 2021.
The property contains a total of 3,087 square feet of built space.

The last time the property sold was February 24, 2020 for $2,315,000.
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 $1,124,300.0. Those filings sought to increase the number of residential units by 2 to 4

Direct link to Acris document. link

In the second, Toorak Capital Partners, LLC bought the loan from Bullpath Capital Corp valued at $850,000 secured by 1 parcel, including the tax class multifamily, five to six families (C2) and containing 6 residential units at 184 Huron Street in Greenpoint. The deal closed on December 29, 2020 and was recorded on January 21, 2021.
The property contains a total of 4,935 square feet of built space.

The last time the property sold was May 11, 2017 for $1,800,000.
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 were 2 renovation/alteration projects (A2) applied for with a total estimated value of $2,000.

There has been one new building permit application Those plans include a total of 6 residential or hotel units.

Direct link to Acris document. link

In the third, Toorak Capital Partners, LLC acquired the loan valued at $1.2 million for 1 parcel, including the tax class three-family (C0) and containing 3 residential units at 389 Monroe Street in Bedford-Stuyvesant. The deal closed on December 29, 2020 and was recorded on January 21, 2021.
The property contains a total of 2,310 square feet of built space.
The last time the property sold was August 7, 2020 for $1,138,403.
Direct link to Acris document. link

In the fourth, Toorak Capital Partners, LLC acquired the loan valued at $2.75 million for 1 parcel, including the tax class two-family, miscellaneous (city type, old, etc.) (B9) and containing 2 residential units at 1015A President Street in Crown Heights. The deal closed on December 29, 2020 and was recorded on January 21, 2021.
The property contains a total of 2,480 square feet of built space.

The last time the property sold was September 11, 2019 for $1,525,000.
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 $1,009,450.0. Those filings sought to increase the number of residential units by 5 to 8

Direct link to Acris document. link

In the fifth, Toorak Capital Partners, LLC acquired a loan valued at $4.96 million for 2 parcels, including the tax class multifamily, over six families without stores (C1) and containing 18 residential units at 1122 Lafayette Avenue and 1126 Lafayette Avenue in Bushwick. The deal closed on December 29, 2020 and was recorded on January 21, 2021.
The property has 14,403 square feet of available development rights.

The last time the property sold was May 29, 2018 for $3,050,000.
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 has been one new building permit application Those plans include a total of 10 residential units.

Direct link to Acris document. link