Zev Mayer Secures $11.9 Million Construction Loan From Larry Abramowitz For Far Rockaway Development
3229 Far Rockaway Boulevard
$11,900,000
Building Size
—
Asset Type
Development Site
Closing
Dec 17, 2025
AI
The asset involved is a development site located at 3229 Far Rockaway Boulevard in Far Rockaway, Queens. The site encompasses a total of 107,646 square feet. A construction loan of $11,900,000 has been secured for the new residential project.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $11,900,000
- Lender: Larry Abramowitz - Broadview Capital
- Landlord: Zev Mayer
- Loan Type: Construction
- Location: 3229 Far Rockaway Boulevard, Far Rockaway, Queens
In this transaction, Zev Mayer’s 3229 Fb LLC is the borrower, obtaining financing from Broadview Capital for an upcoming residential project consisting of 88 units at the specified address.
Players
Far Rockaway 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
1.33%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93