Richard Cohen’s Fortune Commercial Management borrows $8M from JPMorgan Chase Bank, N.A. for property in Chelsea

Richard Cohen’s Fortune Commercial Management through the entity 328-334 8th Avenue, LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank, N.A. valued at $8.0 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 28 residential units at 328 8th Avenue in Chelsea. The deal closed on July 30, 2019 and was recorded on October 16, 2019.
The property contains a total of 25,938 square feet of built space. The property has 27,016 square feet of available development rights.nThe average loan per unit is $285,714.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $704,575.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link