Ilan Freund borrows $8M from JPMorgan Chase Bank for property in Plaza District

Ilan Freund through the entity A.L.S.T. Properties, LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank Na valued at $7.8 million for 3 parcels, including the tax class primarily five to six family with store or office (S5) and containing 17 residential units at 58 West 48th Street, 60 West 48th Street, 62 West 48th Street in Plaza District. The deal closed on October 11, 2019 and was recorded on October 16, 2019.
The property contains a total of 7,782 square feet of built space. The property has 42,943 square feet of available development rights.nThe average loan per unit is $458,824.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 6 residential (or hotel) units on January 3, 2017.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link