Algin affiliate buys $115M note secured by its 301-unit rental in Lincoln Square

An Algin Management affiliate through the entity LHL West LLC bought a note with an original principal of $115 million from JPMorgan Chase secured by Algin Management’s 301-unit residential elevator building (D6) at 229 West 60th Street in Lincoln Square, Manhattan. LHL West LLC is located at the address and suite number of Algin Management.
The deal closed on August 29, 2024 and was recorded on August 30, 2024. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $115 million.The property has 288,000 square feet of built space according to a PincusCo analysis of city data.
An affiliate of Algin Managment bought the loan with an original principal of $115 million as of August 2017.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Liane Ginsberg, head officer and Laurence Ginsberg, officer. The business entities are Algin Management Co and West 60th Street Associates Llc.

The property

The residential elevator building with 301 residential units in Lincoln Square has 288,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 130 feet and is 200 feet deep with a total lot size of 45,698 square feet. The lot is irregular. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The property has a 421A exemption that started in 2012 and expires in 2022. The city-designated market value for the property in 2022 is $96.2 million. The property has 166 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $100 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 605,095 square feet of built space are elevator buildings, with specialty buildings next occupying 49 percent of the space.

The borrower

The PincusCo database currently indicates that Algin Management owned at least 18 commercial properties with 1,221 residential units in New York City with 1,396,540 square feet and a city-determined market value of $274 million. (Market value is typically about 50% of actual value.) The portfolio has $80.2 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 75 percent of the 1,396,540 square feet of built space are elevator properties, with mixed-use properties next occupying 19 percent of the space. The bulk, or 54 percent of the built space, is in Manhattan, with Queens next at 28 percent of the space.

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