Park-It Management refis $5M from New York Community for ground-leased fee in Clinton

Park-It Management through the entity Jafrog Realty, LLC as borrower signed a loan agreement with lender New York Community Bank valued at $5 million for 2 parcels, including the tax class licensed parking lot (G6) at 631 West 50th Street, 622 West 51st Street in Clinton. The deal closed on July 23, 2020 and was recorded on August 17, 2020.
The property has 125,700 square feet of as of right available development rights, an analysis of city data found.

Gary Spindler was the signatory for the borrower. Spindler ground leases the property to tenant LSC Development.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link