Algin Management borrows $40M from JPMorgan Chase for multifamily portfolio in Manhattan, Queens

Algin Management through the entity 120 East 34th Street Co. LLC (and others) as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $40 million for 17 parcels, including the tax class multifamily, semi-fireproof with stores (D7) and containing 1,221 residential units at 530 2nd Avenue, 311 East 21st Street, 34-34 77th Street, 147 East 95th Street, 40-40 79th Street, and others in Manhattan and Queens. The deal closed on May 29, 2020 and was recorded on June 25, 2020.
The property has 1,271,443 square feet of built space and available development rights.
The average loan per unit is $32,760.
The signatory was Laurence Ginsberg.

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