Updated Oct 30, 2026
FINANCEDDevelopment Site
CAVU Property Group Secures $72.62 Million Construction Loan From City National Bank In Long Island City
38-11 32nd Street
$72,620,000
Building Size
—
Asset Type
Development Site
Closing
Oct 15, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 38-11 32nd Street in Long Island City. The loan amount for this construction financing is $72,620,000 with a term of 36 months.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $72,620,000
- Lead Lender: City National Bank
- Lenders: Webster/Santander Bank
- Borrower: Steven Hurwitz - CAVU Property Group
- Broker: Shloime Goldstein - Skyline Capital
Key individuals in this transaction include Steven Hurwitz, who represents CAVU Property Group as the borrower, along with Shloime Goldstein from Skyline Capital acting as the broker for the deal. The lenders involved, Webster/Santander Bank, alongside City National Bank, play a crucial role in providing the necessary funding for the development site.
On the Map
$72,620,000
Development Site
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Players
Long Island City Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93