Atlantic Development borrows $39.5M from M &T Bank for new construction in East Harlem

Atlantic Development Group through the entity Second And 103, LLC as borrower signed a new construction loan agreement with lender M &T Bank valued at $39.5 million for the development site at 1998 2nd Avenue in East Harlem. The deal closed on June 25, 2020 and was recorded on June 30, 2020.

There has been one new building permit application totaling 144,733 square feet. Those plans include a total of 178 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 18 residential units.

As part of the development deal, Atlantic Development Group paid $2.66 million to NYCHA for 9,000 square feet of development rights, or $296 per square foot, from a neighboring NYCHA parcel. Peter Fine, managing principal for Atlantic, was the signatory for the borrower.

Fine acquired the site in 2018 for $28.5 million.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.
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