Updated Oct 25, 2024
Peter Fine's East Harlem Development Site Secures $70M Loan From M&T Bank
1998 2nd Ave, New York, NY 10029, USA
$70,000,000
$27,006/SF
Building Size
2,592 SF
Asset Type
Development Site
Closing
May 19, 2020
About this deal
AI
A development site located at 1998 Second Avenue in East Harlem has been sold in a closed property transaction. The property, owned by Peter Fine, was part of a deal involving a loan from M&T Bank.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $70,000,000
- Address: 1998 Second Avenue
- Market: East Harlem
- Landlord: Peter Fine
The loan from M&T Bank amounted to $70,000,000 and facilitated the purchase of the development site. The deal involved a total of 178 units on the property.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93