Food Bazaar owner borrows $86M from JPMorgan Chase for fee and leasehold assets in NYC

Spencer An, president of Bogopa Service Corp. and Food Bazaar Supermarket through the entity F&S Equities, Inc as borrower signed a loan agreement with lender JPMorgan Chase Bank through the entity JPMorgan Chase Bank, National Association valued at $85.7 million for 17 parcels, including the tax class fireproof warehouse (E1) at 1038 Stanley Avenue, 97-27 57th Avenue, 34-20 Junction Boulevard, 1100 Myrtle Avenue, 1102 Myrtle Avenue, and others in Brooklyn. The deal closed on February 6, 2020 and was recorded on February 11, 2020.

The loan covers fee and leasehold interests and includes a $21.6 million gap mortgage. Yesterday, Spencer An recorded the $21 million purchase of a parcel in Jackson Heights, which LeFrak sold to him after owning it for at least 60 years. This new loan including the $21.6 million gap mortgage, and the $21 million purchase, occurred on the same day, Feb. 6.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $838,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link