Atlantic Towers cooperative borrows $11M from New York Community Bank for property in Sheepshead Bay

Atlantic Towers cooperative through the entity Atlantic Towers Apt. Corp. as borrower signed a loan agreement with lender New York Community Bank valued at $11.4 million for 3 parcels, including the tax class cooperative (D4) and containing 493 residential units at 2546 East 13th Street, 1237 Avenue Z, 1213 Avenue Z in Sheepshead Bay. The deal closed on June 26, 2020 and was recorded on July 10, 2020.
The property contains a total of 115,842 square feet of built space.
The average loan per unit is $23,022.
The financing replaced $13.4 million provided by Sovereign Bank in 2010.

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. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $162,336.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link