Park-It Management signs $41.1M construction loan for medical conversion in Central Harlem

Park-It Management through the entity Harlem Park Assoc. LLC as borrower signed a new construction loan with lender JPMorgan Chase Bank valued at $41.1 million for the industrial (I9) at 160 West 124th Street in Central Harlem, Manhattan.
The deal closed on April 30, 2021 and was recorded on May 26, 2021.
The owner filed plans in 2017 to convert the building from a garage to a medical facility with 76,494 square feet.
The owner bought the property on 13-Apr-12, for $5.1 million.
The signatory for Park-It Management was Gary Spindler.
Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $500,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $410,700.

Direct link to Acris document. link