Peter Fine pays $21.2M for dev site in Mott Haven

Peter Fine of the Atlantic Development Group through the entity 350 Rising LLC paid $21.2 million to 131 Realty Corp., 350 Concourse Realty LLC, and 370 Concourse Realty LLC for the development site currently occupied by a retail building (G5) at 350-370 Grand Concourse in Mott Haven, Bronx.
The deal closed on November 17, 2021 and was recorded on December 9, 2021.
The property has 2,916 square feet of built space and 184,423 square feet of additional air rights for a total buildable of 187,222 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $113 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for 131 Realty Corp., 350 Concourse Realty LLC, and 370 Concourse Realty LLC was Glenn A. Opell. The signatory for Atlantic Development Group was Peter Fine.

All seller LLCs are registered with Glenn A. Opell, a real estate lawyer. Previous signatory, Louis Lande is also a lawyer.
Within a 400-foot radius of 350-370 Grand Concourse, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $87.6 million. The most recent of the two was Simon Kaufman which borrowed $75.3 million from SCALE Lending secured by the development site (V1) on 334 Grand Concourse on June 17, 2021.

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