American Development Group borrows $16M from Signature Bank for multifamily property in Fort Greene

Perry Finkelman’s American Development Group through the entity 20 Grand LLC as borrower signed a loan agreement with lender Signature Bank valued at $16.3 million for 1 parcel, including the tax class light manufacturing building (F5) and containing 69 residential units at 20 Grand Avenue in Fort Greene. The deal closed on December 16, 2019 and was recorded on December 27, 2019.
The property contains a total of 92,856 square feet of built space.
The average loan per unit is $235,507.
The last time the property sold was February 8, 2006, for $8,310,400.

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 $29,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link