Atlantic Development Group files plans for 136-unit affordable housing project in Bronx

Peter Fine, founder of Atlantic Development Group submitted a new building construction project for a 136-unit, 83,982 square-foot residential (R-2) building at 3041 Webster Avenue in Norwood, Bronx. The plan was filed with the New York City Department of Buildings on December 15, 2022 under job number X08043433. It calls for the construction of a 11-story building. The project is described in the filing as: new building filed to construct a new 11-story mixed-use building of community facility and residential use to be reviewed via the Hub HPD unit as it is an affordable development. The architect is Gf55 Partners.

The property

The existing industrial building in Norwood has 30,240 square feet of built space and 33,308 square feet of additional air rights for a total buildable of 63,588 square feet according to a PincusCo analysis of city data. The property is owned by Atlantic Development Group. The parcel has frontage of 126 feet and is 120 feet deep with a total lot size of 15,140 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.4 million.

Prior sales and revenue

This property was sold by Carmine Rossi for $6.4 million to Atlantic Development Group on March 19, 2020.

The 30,240-square-foot property generated revenue of $302,472 or $10 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received four DOB violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Norwood, The bulk, or 48 percent of the 17.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Norwood has near average sales volume among other neighborhoods with $114.9 million in sales volume in the last two years and is the 13th highest in Bronx. For development, Norwood has near average amount of major developments among other neighborhoods and is the 32nd highest in Bronx. It had 218,815 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 20 commercial properties representing 233,040 square feet of the 367,776 square feet. The largest owner is Edward Khalil, followed by Deanna Joy and then Palush Marku. On the tax block, there were three new building construction projects totaling 155,455 square feet. The largest is a 136-unit, 83,982 square-foot residential (R-2) building submitted by Atlantic Development Group and filed by Peter Fine with plans filed December 15, 2022 and it has not been permitted yet. The second largest is a 116-unit, 65,661 square-foot residential (R-2) building submitted by Maria Matias with plans filed May 6, 2020 and permitted October 25, 2022.

The owner

The PincusCo database currently indicates that Atlantic Development Group owned at least 70 commercial properties with 5,108 residential units in New York City with 5,426,226 square feet and a city-determined market value of $351.1 million. (Market value is typically about 50% of actual value.) The portfolio has $640.1 million in debt, with top three lenders as JLL, Signature Bank, and M&T Bank respectively. Within the portfolio, the bulk, or 86 percent of the 5,426,226 square feet of built space are elevator properties, with rental condo properties next occupying 9 percent of the space. The bulk, or 84 percent of the built space, is in Bronx, with Manhattan next at 14 percent of the space.

The surrounding

Within a 400-foot radius of 3041 Webster Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. One of those two items was a loan which Deanna Joy borrowed $6 million from First Republic Bank secured by the 52,800-square-foot, 49-unit rental (C1) on 3060 Decatur Avenue and two other properties on December 8, 2021.

Direct link to the property’s ACRIS page and link to DOB NOW portal.