Peter Fine's East Harlem Development Site Secures $70M Loan From M&T Bank
FINANCED
$70,000,000
New York
See Similar DealsDevelopment Site2,592 SF
Financed 05/20/2020
FINANCED
Peter Fine's East Harlem Development Site Secures $70M Loan From M&T Bank
1998 2nd Ave, New York, NY 10029, USA
See Similar DealsDevelopment Site2,592 SF
Financed 05/20/2020
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$27,006
Total Square Footage:2,592 SF
Transaction Type:Loan
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.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$70,000,000.00
Monthly NOI$466,666.67
Monthly Debt Service$442,447.62
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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