Peter Fine signs $12.5M acquisition loan with Signature Bank for two industrial properties in Highbridge

Peter Fine, founder of Atlantic Development Group, through the entity 1941-1959 Jerome Avenue LLC as borrower signed an acquisition loan with lender Signature Bank valued at $12.5 million for two industrial buildings including the industrial (G1) building at 1959 Jerome Avenue in Highbridge, Bronx and the industrial (G1) building at 1941 Jerome Avenue in Highbridge, Bronx.

The deal closed on April 20, 2021 and was recorded on May 10, 2021.

The two properties have 67,000 square feet of built space and 137,235 square feet of additional air rights for a total buildable of 204,156 square feet according to PincusCo analysis of city data. The loan price per built square foot is $186 and the price per buildable square foot is $61 per the PincusCo analysis.

The signatory for Atlantic Development Group was Peter Fine.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $484,750. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $232,100. (240286089) One of the projects were to change the building from a COM to a F-2 and change the number of residential units from 0 to 0.

Direct link to Acris document. link