Petroleum Marketing Group borrows $172M from M&T Bank for gas station properties in New York City

Petroleum Marketing Group through the entity Blue Hills Fuels, LLC as borrower signed a loan agreement with lender Manufacturers And Traders Trust Company valued at $172.0 million for 18 parcels, including the tax class garage and gas station combined (G3) at 1879 Westchester Avenue, 1419 Bronx River Avenue, 641 East Gun Hill Road, 3602 Snyder Avenue, 219-02 Horace Harding Expwy, and others in New York City. The deal closed on December 31, 2019 and was recorded on January 8, 2020.
The properties have 380,160 square feet of available development rights.

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 $75,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link