Algin Management borrows $40M from JPMorgan Chase Bank for property in Gravesend

Algin Management through the entity LHL Shore Parkway, LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank, National Association valued at $40.2 million for 1 parcel, including the tax class stand-alone big box retail with parking (K8) at 1752 Shore Parkway in Gravesend. The deal closed on September 25, 2019 and was recorded on October 1, 2019.
The property contains a total of 259,823 square feet of built space.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on September 11, 2014.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $1,129,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link