Updated Dec 4, 2025
Ponce Bank Provides $15.15M Construction Loan For Development Site In Long Island City
10 28 47th Avenue
$15,150,000
$598/SF
Building Size
25,333 SF
Asset Type
Development Site
Closing
Nov 25, 2025
About this deal
AI
The property asset involved in this transaction is a development site located at 10-28 47th Avenue in Long Island City, measuring 25,333 square feet. The loan amount secured for this project is $15,150,000, designated as a construction loan with terms of 2 years plus an option for a 1 year extension.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $15,150,000
- Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank
- Landlord: Wei Chen
- Loan Type: Construction
- Loan Terms: 2 years plus 1 year extension
- Market: Long Island City
- Asset SF: 25,333
The deal is facilitated by Yanni Kouzilos and Douglas Romero, representatives from Ponce Bank, a CDFI Bank known for its active role in construction financing in New York City. Additionally, the landlord involved in this transaction is Wei Chen, supporting the overall objectives of the development project.
On the Map
$15,150,000
$598/SF
Development Site
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Players
Long Island City 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
1.05%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93