GFI Capital Resources Group modifies $100M from AIG for property in Nomad

Allen Gross’s GFI Capital Resources Group through the entity 1186 Broadway LLC as borrower signed a loan modification agreement with lender AIG through the entity American General Life Insurance Company valued at $100 million for 2 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 38 residential units at 1186 Broadway in Nomad. The deal closed on March 6, 2020 and was recorded on March 9, 2020.
The property has 203,687 square feet of available development rights.

This is a loan modification amendment.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $24,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link