facebook


Go Pro
+ Submit+ Submit a Deal
Home

/

Deals

/

New York

/

Development Site

/

Loan

/

80 Vernon Avenue

Updated Feb 3, 2026

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

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

80 Vernon Avenue & 82 Vernon Avenue

$7,000,000

$451/SF

Building Size

7,760 SF

Asset Type

Development Site

Closing

Jan 28, 2026

About this deal

AI

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.

On the Map

Open live map

$7,000,000

$451/SF

Development Site

View full map

Players

Bank of Princeton
Bank of PrincetonLender
Bilt advertisement

Brooklyn Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

Loading comparables…

Deal FAQ

About $451 per square foot on a published $7M for 15,520 square feet (2026).

Browse Brooklyn development site loans on Traded.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.27%

Cash-on-Cash

-0.65%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

More Deals

Nearby Markets