Pinches Abowitz's 1821 Cornaga LLC Secures $28M Construction Loan From Popular Bank For Development In Far Rockaway
18-25 Cornaga Avenue
$28,000,000
Building Size
—
Asset Type
Development Site
Closing
Mar 27, 2026
AI
The asset involved in the transaction is a development site located at 18-25 Cornaga Avenue in Far Rockaway, Queens. The square footage of the site is 8,431 BSF. A construction loan amounting to $28,000,000 was secured for a 92-unit development project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $28,000,000
- Address: 18-25 Cornaga Avenue
- Market: Far Rockaway, Queens
- Lender: Popular Bank
- Landlord: Pinches Abowitz
- Loan Type: Construction
This transaction marks the closure of a loan by Pinches Abowitz’s 1821 Cornaga LLC with Popular Bank, which replaced a previous loan of $4.4 million from Grasshopper Bank. The deal was recorded on April 14 after closing on March 27.
Players
Far Rockaway Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93