Shulem Herman Refinances Brownsville Ascend Lower School At 1501 Pitkin Avenue For $49M

The property involved in this transaction is the Brownsville Ascend Lower School, located at 1501 Pitkin Avenue, Brooklyn. The asset is a school with a total square footage of 129,654. The loan amount for this refinance transaction was $49,000,000, which was secured against the property previously held under a $50,000,000 debt by Blackstone Group. The transaction closed on September 16, 2025, at a price of $377 per square foot.

Summary of transaction details:

• Property Type: School
• Transaction Amount: $49,000,000
• Loan Type: Refinance
• Address: 1501 Pitkin Avenue
• Market: Brownsville, Brooklyn
• Landlord: Shulem Herman
• Lender: Customers Bank

Shulem Herman's Pitkin Terrace LLC is the entity that refinanced the property, indicating involvement in the management and financial structuring of the school's ownership. The lender for this transaction was Customers Bank, highlighting the financial partnership unique to this refinancing of the existing debt.