Investor David Magier borrows $58M from JPMorgan Chase for multifamily property in Nomad

Investor David Magier through the entity Flagg Equities LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank, N. A. valued at $58.0 million for 2 parcels, including the tax class multifamily, semi-fireproof with stores (D7) and containing 126 residential units at 119 Madison Avenue, 27 East 30th Street in Nomad. The deal closed on October 25, 2019 and was recorded on December 19, 2019.

The average loan per unit is $460,317.
The last time the property sold was September 19, 2012, for $18,250,000.

Over the past five years, there have been 14 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 14 renovation/alteration projects (A2) applied for with a total estimated value of $986,723.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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