Yossef Ariel borrows $16M from Bank Leumi to refi new multifamily property in Sunset Park

Yossef Ariel through the entity 21st Development Group LLC as borrower signed a loan agreement with lender Bank Leumi USA valued at $16 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 26 residential units at 186 21st Street in Sunset Park. The deal closed on April 8, 2020 and was recorded on April 14, 2020.

The average loan per unit is $615,385.
Ariel increased the debt on the property from $13.9 million provided in 2017. The last time the property sold was June 2, 2015, for $6,000,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 26 residential units on January 28, 2020.
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 totaling 24,948 square feet. Those plans include a total of 26 residential units. There has been one demolition project filed for the parcels over the past five years. The demolition included 2 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link