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Newcomer to N.Y. Lending Finances the Future UES Home of Meatball Shop
In a hot market for mixed-use buildings in Manhattan, which is seeing increasing competition between old and new lenders,a newcomer to the market,First Niagara’s commercial real estate group, has closed on a $3.7 million, seven-year loan with an interest rate of 3.9 percent to fund the renovation of an 8,500-square-foot property on the Upper East Side. The borrower is The Daten Group, a real estate investment development firm that focuses on the New York metropolitan market, The 2,000-square-foot retail part of the building, 1462 Second Avenue, located between 75th and 76th Street, will be home to the first uptown location of the popular New York-based restaurant chain Meatball Shop, which is due to open later this year. The building also features eight 813-square-foot walk-up apartments. The Daten Group purchased the building in 2011 and began renovations soon there after. “We didn’t have a retail tenant yet, so we didn’t work on the financing,” said David Ennis, president and founder of The Daten Group. “With the recent formation of First Niagara’s tristate region, we are actively looking for opportunities to put our capital to work for businesses across the metro New York region, as well as other areas where we do business,” First Niagara commercial real estate regional manager Chris Terlizzi said.