Moses Karpen Secures $7 Million Refinancing Loan From Bank Of Princeton For Development Site In Brooklyn

The asset involved in this transaction is a development site located at 80-82 Vernon Avenue in the Bedford-Stuyvesant neighborhood of Brooklyn. This site has a total square footage of 7,760, which includes an eight-unit, 4,935-square-foot R-2 building that is currently under construction. The total buildable space for this property is 15,000 square feet, and the loan price is set at $898 per built square foot.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $7,000,000
• Address: 80-82 Vernon Avenue
• Market: Bedford Stuyvesant, Brooklyn
• Lender: Bank of Princeton
• Landlord: Moses Karpen
• Loan Type: Refinance
• Loan Closing Date: January 28, 2026

Moses Karpen’s 80 Vernon Gardens LLC is the entity that secured the $7 million refinancing loan from Bank of Princeton for the development site. This transaction was finalized on January 28, 2026, highlighting the investment and development activities taking place in the Bedford-Stuyvesant area.