Updated Sep 17, 2025
David Goldberger And Hershy Silberstein Secure $22 Million Construction Loan From Popular Bank In Jamaica
172 02 Hillside Avenue
$22,000,000
Units
35
Asset Type
Development Site
Closing
Jul 30, 2025
About this deal
AI
The asset involved in this transaction is a development site located at 172-02 Hillside Avenue in Jamaica, Queens. It has a building square footage of 36,100 and is intended for a 35-unit residential project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $22,000,000
- Lender: Popular Bank
- Landlord: David Goldberger & Hershy Silberstein
- Loan Type: Construction
David Goldberger and Hershy Silberstein secured a construction loan from Popular Bank, facilitating the development of the residential project at the specified address. The transaction underscores the collaboration between the landowners and the lender in moving forward with the project.
On the Map
$22,000,000
Development Site
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Players
Jamaica 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
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93